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Swiss cryptocurrency: Investments approved

Swiss cryptocurrency. Approval. Review bitcoin mixer mixer.money
Swiss cryptocurrency: Investments approved

  1. Investment restrictions
  2. Switzerland and cryptocurrency

Swiss cryptocurrency. On September 29, the Swiss Financial Market Supervisory Authority (FINMA) issued a statement approving the operation of the country’s first crypto fund.

Investment restrictions

“The Crypto Market Index Fund” invests mainly in cryptoassets, that is, in assets based on blockchain technology. The organization provides services to qualified investors and is categorized as “other alternative investment funds”.

“In order to foster real innovation, FINMA is applying existing financial market law provisions in a consistently technology-neutral manner,” the spokesman said, thereby ensuring that new technologies are not used to circumvent existing regulations. The fund must adhere to the principle of “equal risks, same rules”.

The supervisor will ensure that modern technology is not used in accordance with regulations and that all investors are protected.

Since crypto assets carry particular risks, FINMA said it has linked the approval to specific requirements, including that the fund can only invest in designated assets with a sufficiently large trading volume.

Investments must also be made through reputable counterparties and platforms that are based in a member country of the Financial Action Task Force and are subject to relevant anti-money laundering regulations, FINMA said in its statement.

Switzerland and cryptocurrency

In addition to cheese, chocolate and safe banks, the country will soon be associated with cryptocurrency. Switzerland became one of the most popular countries for crypto transactions in 2017 thanks to low taxes, blockchain-friendly legislation, and ability to ensure security.

Switzerland and cryptocurrency. Review bitcoin mixer mixer.money

In the canton of Zug, the Crypto Valley, an organization for building a supportive blockchain ecosystem, has been established. All startups in the crypto area flock here, including Ethereum, ShapeShift, Xapo, Status, Cosmos Network.

The Swiss managed to build a crypto-friendly environment, and active attraction and benefits for blockchain technologies make Crypto Valley alluring for everyone to try themselves in this business. The only drawback is the complexity and high cost of registration.

Cryptocurrency in Switzerland is considered an asset, so there are no restrictions on securities, futures, etc. The legality of transactions is regulated by the criminal code, which simplifies the circulation of virtual money. The authorities are actively developing this financial area, promoting bitcoin “among the masses.” For example, in the canton of Zug, residents can pay utility bills with cryptocurrency.

The only requirement for the circulation of cryptocurrencies is compliance with the laws of the Swiss Anti-Money Laundering Law and KYC requirements. A license is not required to purchase / pay with cryptocurrency, as well as to accept payments. This approach made the circulation of the crypt popular and affordable among the general population.

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