The regulatory recommendations put forth by the intergovernmental Financial Action Task Force FATF shock the crypto sector, but regulators are getting down to business. For Switzerland’s Financial Market Supervisory Authority (FINMA), the recommendations lead to it issuing new guidelines for players in the sector.
On top of releasing the new guidelines for the trading platforms, wallet providers and exchanges, FINMA also went ahead to give two firms licenses. The two firms are Seba Crypto AG and Sygum. FINMA granted the two firms a banking and securities dealer license.
The Banking and Securities Dealer License Has Opened Doors for the Two Firms
With its legal papers in order, Sygnum has set plans in motion to launch its integrated liquidity platform and custody platform. Through its platforms, Sygnum will provide crypto enthusiasts with safe and secure platforms to trade digital Swiss Franc tokens, Ether and Bitcoin.
On the other hand, for Seba, the license paves the way for it to go ahead and unveil its new trading platform in early October 2019. Moreover, Seba will go ahead with its plan to set up a digital asset platform for firms, institutional clients, and professional traders. Similarly, its plans to create a custody storage and asset management platform will go as planned.
“Getting awarded a banking and securities dealer license by FINMA is a major milestone for us. However, it’s an important step for Sygnum as a firm. Apart from that, the above will also be in favor of the institutionalization of the digital asset economy.” Manuel Krieger, Co-Founder and CEO Switzerland Sygnum.
The above were remarks from Krieger in regards to getting the license. On the other hand, Andreas Amschwand, chair of Seba’s board said;
“For Seba, getting a banking license from FINMA is a huge milestone, but that’s it all. Through it, new standards are being set for the banking sector in the blockchain and digital asset world.”
Regulations in the crypto space are relatively new, but authorities in each state are working on getting the sector under proper laws. For FINMA, issuing players in the industry with a banking and securities dealer license is a start as they get the crypto sector under appropriate regulations.