Bitcoin Suisse appeals for banking license

Bitcoin Suisse Registers with The Swiss Financial Regulator

Bitcoin Suisse, the Swiss crypto broker puts an application for banking and security dealer licenses. The firm has registered with the Financial Markets Supervision Authority (FINMA) of Switzerland. It intends to get acquainted with the adaptation of the regulatory landscape of cryptocurrencies.

The company has also contributed 45 million Swiss francs ($45.7 million) with an unknown local entity as security assurance. It will secure the fiat deposits of clients and also the pooled crypto deposits. This amount will soon spike to 55 million francs ($55.8 million).

These licenses will enable Bitcoin Suisse to extend its reach with regulated services and products. Subsequently, reinforcing its level as a growing and leading crypto service provider. The firm also adds with many other expected crypto domain including Crypto Valley’s bank Seba and a blockchain startup Signum.

Earlier in June, the Swiss bank Dukascopy declared about the launch and public-testing of its new stablecoin. It is an Ethereum-based ERC-20 token that aims to strengthen the use of Dukascopy’s blockchain of payment.