Tax

Switzerland Market Regulator to allow Crypto firms accept public deposits

The Switzerland Financial Market Supervisory Authority (FINMA) issued regulations on 3 December for their new ‘Swiss FinTech License’ as per their press release. FINMA has disclosed that any license applicant, be it a blockchain or crypto firm, can request a state authorised Fintech license from 2019.

The license will have relaxed prerequisites in accordance with Switzerland’s banking ordinance, enabling Fin-Tech firms to accept public funding of up to 100 million USD (100 million Swiss Francs). The companies cannot invest this money, but nor do they need to pay interest on them.

To obtain the license, the applicant should submit the necessary information about their Fintech company – business goal, financial plan, assets allocation strategy, risk management and anti-money laundering policies among others.

The terms and conditions of the license document, titled ‘Guidelines for FinTech License applications pursuant to Article 1b of the Banking Act’ have been under progress since February 2018. It will be implemented on 1 January 2019.

FINMA released Switzerland’s first crypto license last month, targeting crypto-asset investment funds. The license facilitates crypto-associated companies to officially offer investment services designed to protect investors’ interest. They have earlier laid down rules to regulate Initial Coin Offerings (ICOs), to empower blockchain technology.

Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

10 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

10 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

10 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

10 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

10 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

10 months ago