If you are considering opening your own crypto business in Switzerland, it is important to know that the Swiss Financial Market Supervisory Authority (FINMA) is responsible for ensuring the integrity of crypto-related activities in the country.
The task of this authority is to grant crypto licenses and monitor compliance with anti-money laundering (AML) regulations.
In order for the number of crypto-companies to grow, the cantons in Switzerland aim to create a common ecosystem.
An example is the Crypto Association Valley, located in the canton of Zug, which strengthens cooperation between market participants and authorities through various events, educational initiatives, working groups, and the creation of relevant content.
Thanks to the strong support provided by the association, the canton of Zug boasts an impressive number of blockchain unicorns – companies valued at over USD 1 billion.
If you are interested in obtaining a crypto license and want to be part of one of the most influential blockchain communities, you should consider becoming a member of this association, as it provides access to such an ecosystem.
FINMA regulates four types of licenses based on different business models and the nature of crypto activities.
The most popular license is the financial transaction license or financial intermediation license, which allows licensees to accept government deposits of up to 100 million Swiss francs (approximately 96 million euros) or to hold and trade non-investment-grade cryptographic assets without paying interest on them.
Other types of licenses include a banking license that allows unlimited deposits from individuals or legal entities; the Investment Fund license, which allows fund managers to supervise collective fund assets on behalf of clients; and a DLT trading facility license authorizing multilateral trading of DLT securities.
All applicants must meet specific criteria, including establishing a company in Switzerland, developing a business plan, registering an office in Switzerland, implementing AML/CFT procedures, and engaging a regulatory auditor recognized by FINMA.
There are certain circumstances in which a crypto company requires a license.
These include the transfer of client assets to company accounts, the number of clients whose crypto assets are accepted exceeds 20, and when the company manages client assets in collective investment funds or facilitates the acceptance or management of such assets.
If you want to run your crypto business in Switzerland, experienced consultants of the company “Pryhodko and Partners” will be able to provide you with quality assistance.
We have a comprehensive understanding of the legislation related to crypto regulation in Switzerland and can guide you through the entire process of setting up a company and obtaining a crypto license. In addition, we offer financial accounting and reporting support.
To use the services, schedule a consultation with us.