ֿNew FINMA Licence Allows Non-Banks to Accept 100 Million CHF

[kreslik.news]

The Swiss Financial Market Supervisory Authority (FINMA), Switzerland’s financial regulator, is to offer a new fintech licence which is suitable for blockchain firms.

The licence is a modification of banking laws (Article 1b of the Banking Act) which will allow licencees to accept up to 100 million Swiss francs ($100.089 million) from the public as long as they do not invest the money, or pay interest on it. The new licence has been in development since February, and will become active on the 1st of January.

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Demands

In order to receive a licence, applicants must provide FINMA ... (read more)