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Bitcoin Suisse, a cryptocurrency investment services company, said that if the Swiss regulator denies a banking license, they still have many options.
The Swiss financial regulator FINMA, which checks the financial markets and companies present on them, made a disappointing forecast for Bitcoin Suisse to receive a banking license which was filed back in July 2019. Then they decided not to waste time amid the fact that FINMA approved similar applications for blockchain firms SEBA and Sygnum.
The official formulation of the reason for the refusal was “a number of elements related to the licensing law”. For example, “weaknesses in the company's mechanisms related to protection against money laundering”.
Bitcoin Suisse CEO Artur Vayloyan is optimistic and claims that even in the event of a financial regulator's failure, they still have a lot of options. This is mainly due to the company's good reputation in the storage and trading of cryptocurrencies and the growing adoption of digital currencies, which is growing every day.
Since the application was filed in the summer of 2019, according to Vailoyan, the market situation has changed, as has Bitcoin Suisse. Therefore, they intend to work with FINMA to close possible “gaps” within the company and to reapply for the license.
Earlier, Bitcoin Suisse released a payment solution that allows all residents of the region to pay taxes in cryptocurrency. Thanks to the bullish trend and partnerships with local governing bodies and joint projects, the company managed to significantly expand its staff.