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In Switzerland, Crypto Finance AG Obtains First Ever Cryptocurrency Asset Management License

In what is a first for Switzerland, Crypto Fund, a subsidiary of Crypto Finance AG, recently obtained a cryptocurrency asset management from the country’s Financial Market Supervisory Authority (FINMA). The company becomes the first to be authorized to provide full spectrum services to institutional investors regarding blockchain-based assets.


FINMA Grants Crypto Fund Full Cryptocurrency Asset Management License

According to Bloomberg, the license puts Crypto Finance AG in the same bracket as other non-cryptocurrency asset management firms in the country. Commenting on the development, company CEO, Jan Brzezek, said:

The importance of crypto assets is growing, and our aim is to accelerate maturity in these markets. FINMA authorization is an important acknowledgment of the Crypto Fund and for crypto assets around the world.

FINMA

FINMA initially gave Crypto Finance AG limited authorization earlier in the year to function as a cryptocurrency asset management firm. With this license upgrade, the Zug-headquartered company is now free to issue investment products that track cryptocurrencies and even provide investment advisory services to its customers.

This license upgrade will also enable the company to steal a march on its rivals as the competition in the burgeoning cryptocurrency scene in Switzerland becomes fiercer. Apart from Crypto Fund, there are many other firms in the country knocking on FINMA’s door for different licenses that would enable them to offer their services.

Cementing Switzerland’s Place in the Emerging Cryptocurrency Narrative

For cryptocurrency enthusiasts in Switzerland, this news will come as a welcome development. Recently, some stakeholders raised alarms that the country risked losing cryptocurrency-based companies if the regulatory landscape didn’t improve.

Despite difficulties in obtaining valuable banking partnerships, the Swiss canton of Zug remains a popular destinations for virtual currency companies. However, significant developments in places like Malta and Liechtenstein could see a migration of these companies away from Switzerland.

Former UBS Bankers Raise Funds for Innovative Bank in Zug

Recently, a group of former UBS bankers announced the successful fundraising for SEBA Crypto AG in its bid to become the world’s first regulated cryptocurrency bank. According to Swissinfo, the startup hopes to secure FINMA license to allow its customers to trade digital currency.

SEBA also secured vital investments from Black River Asset Management and Hong Kong-based Summer Capital. With all these recent developments, the Zug Crypto Valley initiative seems well on its way to becoming a reality. Once that happens, Switzerland automatically becomes a major global hub for all things cryptocurrency and blockchain technology.

What do you think this development will mean for the burgeoning cryptocurrency and blockchain development hub in Switzerland? Let us know your thoughts in the comments section below.


Image courtesy of Crypto Finance AG, Shutterstock.

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Crypto Valley In Switzerland Now Accepts Bitcoin For Train Tickets

Source: bitcoin

Bitcoinist_Crypto Valley

One community in Switzerland dubbed Crypto Valley, has decided to start accepting Bitcoin payments for train tickets. This was agreed upon during the council meeting earlier today, as they now accept Bitcoin payments for bills up to 200 Swiss Francs

Also read: Valyrian Tech Presents Bitcoin Spellbook Project

Crypto Valley Embraces Bitcoin Payments

Very few people will have heard of Crypto Valley – located in the Zug canton – so far, even though this community in Switzerland has been around for quite some time now. With 15 companies focusing firmly on the FinTech industry, it only seemed a matter of time until Bitcoin became a topic on the agenda.

In fact, that topic has been touched upon by the Crypto Valley government officials earlier today, as they held a city council meeting to talk about Bitcoin. As a result of this session, Bitcoin payments are now accepted for all purchased train tickets, as long as the amount does not exceed the CHF 200 mark.

Crypto Valley Mayor Dolfi Muller told the media:

“We want to express our open-mindedness regarding new technology, and try to experience everything the FinTech sector has to offer. We will exchange ideas with the local companies, as well as convey our vision with other municipalities in the country. We want to fulfill consumer needs and provide an optimal living and financial environment.”

For the time being, Bitcoin payments are only accepted for amounts up to 200 Swiss Francs in the Crypto Valley area. However, an analysis will be conducted at the end of 2016, to determine whether or not this experiment is worth continuing, and even expanding further. If this would be the case, the payment limit will be raised, and Bitcoin can be used for other types of governmental services as well.

Given the global nature of Bitcoin as a decentralized form of payment, it seems to make sense for local communities to expand with Bitcoin payments. These types of transactions can be completed in real-time, and due to its low fees, there are a lot of benefits to accepting cryptocurrency payments. Even though Switzerland is well-known for their banking system, many consumers are looking well beyond traditional finance.

What are your thoughts on Crypto Valley embracing Bitcoin for train ticket payments? Let us know in the comments below!

Source: Stadt Zug

Images courtesy of Shutterstock, Crypto Valley

The post Crypto Valley In Switzerland Now Accepts Bitcoin For Train Tickets appeared first on Bitcoinist.net.

Crypto Valley In Switzerland Now Accepts Bitcoin For Train Tickets

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