The Swiss service for supervision of financial markets (FINMA) has announced that the local blockchain and cryptocurrency startups will submit applications for new FINTECH-license that will allow them on a par with traditional banks to take deposits in the amount of CHF 100 million ($100 million).
The new rules will become effective on 1 January 2019, the report said FINMA.
«FINTECH-the licence will allow the organizations to accept public deposits amounting to CHF 100 million, provided that these funds are not investments and should not interest is paid», — reads the statement of the regulator.
An additional requirement is that the owner of FINTECH-license may be the company that is registered and conducts activity on the territory of Switzerland.
Interested companies must provide FINMA a number of supporting documents, including a detailed description of the business and its objectives, geographical coverage and target audience. FINMA requires to provide full transparency of senior management of the companies, including addresses of Directors, details about their education, summary, facts, criminal prosecution and even feedback from previous employers.
Companies will need to indicate all shareholders with direct or indirect participation in equity in the amount of more than 5%. Foreign nationals will need to provide supporting documents issued in their homeland.
Note that the new opportunities for cryptocurrency startups appeared due to the amendments that were recently made to the Swiss law «On banking activity» and aims at the development of innovation in blockchain technology and cryptocurrency.
In October, FINMA issued the first ever license to control cryptocurrency assets. Its owner was based in Zug, Crypto Finance Group