Bitcoin Forum

For the first time, the Swiss Financial Market Supervisory Authority (FINMA) has issued a license for a cryptocurrency exchange, which is to act as a Directly Subordinated Financial Intermediary. The Exchange is to comply with the Swiss regulations on money laundering and customer identity. The exchange will be supervised by FINMA to ensure that all rules are followed.

On 17th of October, the Payment21 exchange issued a press release describing the license as a result of approximately one year’s efforts.

https://dowbit.com/switzerland-has-issued-the-first-licence-for-a-cryptocurrency-exchange/

The whole Bitcoin community is believing that Switzerland can be another big frontier for cryptocurrency. Known as the safe haven for many money people due to its strict bank secrecy law, this country is poised to play a big role in the journey of Bitcoin towards the mainstream.

And I believe that this is just the start because business demands some competitions making the field fairer and more exciting. More exchange applications can be coming to the Swiss government and in the years to come as Bitcoin is also growing the country of Switzerland can be that beckon of light for the cryptocurrency in that side of the world.

Now, am sure that the famous Mr. Jamie Dimon would not be happy about it and might be calling the authorities in Switzerland who approved of the exchange as "stupid" and fraud.

If all clients on the Swiss exchange are to be identified, then what is the meaning of anonymity when making settlements in the crypto currency? There will be no anonymity at all. I believe that identification should only apply to large amounts of bidding, and small amounts still have to be anonymous.

With all the great news coming from Switzerland, it will be just a matter of time before they became in the same breathe with Japan in terms of embracing bitcoin. Earlier there was a news from them accepting bitcoin as payment method for tuition fees. And now they just made it official that they are embracing bitcoin with the opening of its first trading exchange. Soon we gonna see a lot of cash pouring to our ecosystem as we all know that there economy is quite stable, meaning citizens has lots of stable job and earning huge amount of money. If the population found out more about bitcoin as safe haven for investment, the price could really push to new heights again. I'm excited how will this evolves because its really the market that will benefit from a country entering the already booming bitcoin market.

Switzerland is making great news in term of Bitcoin recently and with issuing licence to cryptocurrency exchange, it clearly gives an idea that Bitcoin and Government can work hand in hand and have an effective relationship. Switzerland has issued proper rules and regulations for the exchange so that there is less problem in the future, also they have setup the interfere that it benefits economy or the country. Such actions also help new user to have more trust and move towards bitcoin and cryptocurrency, it is definitely a mark towards future.