November 29, 2021

Swiss regulator ‘unlikely’ to approve Bitcoin Suisse’s banking license

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Switzerland’s Financial Market Supervisory Authority, the country’s principal financial regulator, has made an “unfavorable prognosis” regarding Bitcoin Suisse’s application for a banking license. 

According to an official announcement on Wednesday, Bitcoin Suisse’s current application is ineligible for approval on the grounds that “various elements that are relevant under licensing law make it unlikely that a license will be granted.” As such, Bitcoin Suisse has decided to withdraw its application.

Speaking to Cointelegraph, Bitcoin Suisse CEO Arthur Vayloyan remained optimistic, stating that the firm still has “so many options on the table.” He explained that the firm’s reputation for cryptocurrency storage and trading has put it in an ideal position as institutional adoption of digital assets grows exponentially. 

Vayloyan explained that since the firm had initially applied for the license in July 2019, the landscape of crypto markets and the firm’s position therein has shifted significantly and that Bitcoin Suisse could apply again, should it want to.

Indeed, a banking license could be advantageous as security tokens gain traction.

As VayloyanTitle: Swiss regulator ‘unlikely’ to approve Bitcoin Suisse’s banking license
Sourced From: cointelegraph.com/news/swiss-regulators-reject-bitcoin-suisse-s-banking-license-application
Published Date: Wed, 17 Mar 2021 12:21:33 +0000