In this post, we will discuss how to start a bitcoins business in Switzerland. Do not hesitate to contact us if you have questions in relation to this matter at email@example.com
Is Switzerland about to become the New Bitcoin Hub?
Recent clarification by FINMA as to the status of Bitcoin Exchange companies will certainly help make Switzerland the best place in the world to do bitcoins businesses
In Switzerland, there are two branches of financial intermediary’s businesses.
- Financial Intermediaries such as, banks, insurances companies, gaming houses, stockbrokers etc… which will require special authorization and license from Finma and
- Other Financial Intermediaries such as Asset Management, Payment Service Providers, Credit providers, FX, money remittance that may be supervised either by FINMA or a SRO.
How do Bitcoin fit in this classification system?
Firstly, Bitcoin is not an official currency which makes it status different from other payments means. But despite this different status Finma was hesitating as to whether activities such as Bitcoin Vault or Wallet would require a banking license or not.
We owe to a US based bitcoins vault and wallet company that has moved to Switzerland Finma clarification. While the Bitcoin payment activity itself do not require a license, activity linked to it such as bitcoin exchange would require AML supervision. For this reason, company such as this one would be classified as other financial intermediaries company and require Finma or SRO supervision.
How long would it take to set up an SRO/Finma supervised Bitcoin Wallet, Vault and Exchange company?
It would take around 8 weeks from scratch to set up such a company. Budget for the set up would be between 120,000 CHF to 140,000 CHF.
Are they Ready Made Bitcoin Exchange Money Remittance company for sale?
As a matter, we have one for sale at the moment. It has an existing bank account with UBS
|Type of Company||SA/AG|
|Type of Share||Nominative Shares|
|Year of Incorporation||2016|
|Objectives||Provision of services in the fields of asset and investment advisory, financial and organizational planning, management services, provision of administrative work of all kinds and provision of supporting services in the field of general financial and asset management, as well as taking over mandates in these areas. Activities which require authorization as a bank or securities dealer are expressly excluded; Complete purpose rewrite according to the statutes|
|Place of Incorporation||SG|
Do not hesitate to contact us if you have questions in relation to this matter at firstname.lastname@example.org