Swiss Crypto Brokerage Firm Obtains License from FINMA
Crypto Broker AG, the brokerage subsidiary of Swiss digital assets startup Crypto Finance Group, received a securities license from Switzerland’s financial watchdog.
Crypto Broker AG Scores FINMA Securities License
According to a press release on PRNewswire on Monday (Feb. 1, 2021), Crypto Broker AG, has secured the securities house license from the Swiss Financial Market Supervisory Authority (FINMA). The new FINMA license marked an important milestone for the firm following a successful 2020, which saw Crypto Broker AG trade more than $1 billion worth of assets.
The securities housing license would enable the crypto brokerage startup to offer new products and services including the option to trade security tokens, to banks and other financial service providers.
Commenting on the new license, the CEO and founder of Crypto Finance Group, Jan Brzezek, said that having a licensed broker enables the company to expose its clients to a new digital asset class, while offering regulated and professional services. Also speaking on the FINMA license was Rupertus Rothenhaeuser, Crypto Broker AG’s CEO, who said:
“Today’s announcement marks a milestone in achieving the Crypto Finance Group vision: providing professional products and services for the evolving digital asset universe. Given last year’s exponential growth in digital asset operations with our clients, we expect continued business expansion in 2021.”
Crypto Broker AG’s license marks the latest regulatory approval for the Swiss financial market regulatory watchdog. Back in June 2018, Crypto Fund, another subsidiary of Crypto Finance, became the first crypto firm to receive the FINMA operating license. Later that year, Crypto Fund also obtained that asset manager license from the Swiss regulatory watchdog.
FINMA has further issued different licenses to banks to engage in crypto services. As reported by BTCManager back in October 2020, the Swiss arm of major Russian bank Gazprombank got approval from FINMA to offer crypto custodial services. Earlier in the same year, FINMA gave the greenlight to InCore bank to conduct crypto-related transactions.
Switzerland Implements Blockchain Act
Switzerland has continued to maintain its reputation as a crypto-friendly region, which has seen cryptocurrency and blockchain startups move and thrive in the country. In September 2020, the “Blockchain Act”, which seeks to regulate the emerging industry, passed through Switzerland’s House of Representatives unopposed.
Meanwhile, the first part of the Blockchain Act covering company law reforms came into effect on February 1, 2021. The second part of the legislation involving financial market infrastructure upgrades would be implemented in August 2021.