Swiss Crypto Banks Receive Licenses From Financial Regulator

[ene1980]

Another good news comes from Switzerland. Two Swiss crypto-specializing firms, Seba Crypto AG and Sygnum have received banking and securities dealer licenses, the banks said in separate statements on Aug. 26. 

Switzerland is always proactive when it comes to adoption of digital technology and they never had any issues with bitcoin in the past and it is good to see that FINMA granted license and we will see legal trading platforms from Switzerland and according to the news release they are planning to start them this year itself. I hope many countries will follow the same route when it comes to crypto regulation.

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[Rozita]

Switzerland is always proactive when it comes to adoption of digital technology and they never had any issues with bitcoin in the past and it is good to see that FINMA granted license and we will see legal trading platforms from Switzerland and according to the news release they are planning to start them this year itself. I hope many countries will follow the same route when it comes to crypto regulation.

I don't agree that Switzerland government haven't had any issue with bitcoin.
If they had no issue, they would ignore it and allow people use bitcoin however they want.
I still think that people are able to use bitcoin however they want as bitcoin is decentralized. But this is not what Switzerland government want. They want people hold their bitcoins in centralized bank accounts. They want to have control over people's bitcoins. But I don't think they will be successful. People will ignore such banks account and continue to use decentralized wallets.

[salty]

If so, do you think there will be a significant change to cryptocurrency in Switzerland?
(in my opinion only this news will bring a slight change to the world of cryptocurrency in switzerland)

Initially, Switzerland was positive about cryptocurrencies, and it is not surprising that such positive news comes from this country.The whole industry is moving towards recognition and mass application.It is a matter of time when the Swiss companies will be followed by others.

[ck343]

Cryptocurrencies don't need banks. Because we don't need bank accounts. Also, we don't need banks to send our money to others account. We have a decentralized wallet and some private keys. We don't need any thing more.

In order to exist, cryptocurrencies don't need banks.
Actually, for me, the fact that they allow to circumvent banks is the most appealing feature of cryptocurrencies.

Currently cryptos are not mainstream, their acceptance is extremely limited in the business world.
Until today, cryptos are a world mostly limited to traders.
Being used by recognised banks insert them into the banking system, giving them a substantial boost to become mainstream currencies.
That's the way this world is.

For now, I guess you have to choose, either mainstream or ideological purity.
I consider it as a necessary step to get rid of the evil 


Btw, article found also here
https://www.zerohedge.com/news/2019-08-28/worlds-first-licensed-crypto-bank-seen-game-changer-switzerland

Taken from here
https://www.swissinfo.ch/eng/licenses-awarded_-world-s-first--crypto-banks--game-changer--for-switzerland/45187400

[barbara44]

Crypto Banks? Did I miss something? Were these not completely different concepts before?

I don’t know of the one that you are exposed to, but I have heard of these crypto banks too of late and I think that they are quite growing in number, although I still don’t know how their function will be like and if we have to store our crypto with them, I believe that with time we will fully know how they actually do function.

I think in one hand, it is a very good news, because it shows that government are beginning to get more interested in cryptocurrency, because for this Swiss bank to have been approved by financial regulators, then it has gotten the highest approval from government, but on the other hand, I think we are beginning to turn the system to a centralized one and not decentralized as satoshi really made the cryptocurrency idea to be.

[BitHodler]

In order to exist, cryptocurrencies don't need banks.
Actually, for me, the fact that they allow to circumvent banks is the most appealing feature of cryptocurrencies.

Crypto indeed doesn't need banks to exist, but the far majority of the people want to see prices increase. In order to do that, money has to be wired to a bank the exchange in question works with.

If you take banks away, there will be way less liquidity coming into crypto, that the prices will keep falling and investors will lose interest. Crypto has only speculation going for itself. Take that away and you're left with a house of cards.

Only when Bitcoin has really grown on people as store of value and they appreciate the decentralized nature of it, then things could be different, but we aren't anywhere near that point yet. Be careful what you wish for.

[AjithBtc]

If so, do you think there will be a significant change to cryptocurrency in Switzerland?
(in my opinion only this news will bring a slight change to the world of cryptocurrency in switzerland)

Initially, Switzerland was positive about cryptocurrencies, and it is not surprising that such positive news comes from this country.The whole industry is moving towards recognition and mass application.It is a matter of time when the Swiss companies will be followed by others.

Yes, Switzerland is one among the cryptocurrency friendly country. This time Financial Market Authority has given the opportunity to function with some strict regulations. The license provided is a milestone along with new standards being set to the banking in the blockchain and digital assets economy. Financial Market Authority has also set standards on how to apply the anti money laundering on blockchain companies.

[drumamat]

Switzerland is a country of financial freedom.I'm just sure that all the changes in the crypto space will begin from this country.You need to be attentive to all the news coming from this country.

[Kprawn]

The combination of the words crypto and bank sounds very strange.

Well yea, but not if this is a Bank that would be willing to help with the Fiat to Crypto conversion. We see a lot of Banks that wants to sabotage

Crypto currencies by closing people's Bank accounts when they pick up that those accounts are used for Crypto related activities. A Bank that

would stick it to those Banks would get my business.    If this is just another Bank that wants to store people's coins or tokens, then I am totally

against it. You are your own Bank. 

[drumamat]

The combination of the words crypto and bank sounds very strange.

  If this is just another Bank that wants to store people's coins or tokens, then I am totally

against it. You are your own Bank. 

Yes, in any case, do not need to send your coins for storage in banks.This approach is initially very contradictory.Whatever the Bank is and wherever it is I wouldn't do it.

[pragna]

Crypto currency always go with block chain technology. So i could not understand what will do here banking system. I visited both sites but i think nothing special here. Switzerland banking or economy system is very good in world so that they may first tried to capture crypto currency to their hand but i think it could not do. But their working behind cryptocurrency is appropriated.

I think when other will see Swiss working behind it, it will be more popular to all.

[pjcaruci]

It's still no reason to trust the banks.

[AjithBtc]

Switzerland is a country of financial freedom.I'm just sure that all the changes in the crypto space will begin from this country.You need to be attentive to all the news coming from this country.

Agreed, Switzerland is the only country where there is more of financial freedom. The same has made people from countries around the world to invest on their banks as they don't reveal anything regarding the investor and the amount invested. This means it gives the user the anonymity, and long back itself they've got into cryptocurrency with their own cryptocurrency apart from bitcoin usage. Now two firms getting legal licenses will add value to it.