Swiss Federal Council Adopts New Fintech Regulations to Reduce Entry Barriers

[kreslik.news]

The Swiss Federal Council has adopted new light-touch regulations for fintech firms aimed at bolstering business and competitiveness for the burgeoning sector. They come into force on August 1, 2017.

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The amendments to the Banking Act and Banking Ordinance should help reduce barriers to market entry and provide more legal certainty for fintech start-ups, which could eventually enhance the position of the Swiss financial centre.

The new rules set a deadline of 60 days for holding money in settlement accounts, instead of only seven days as was the ... (read more)