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    Swiss Crypto Licensing

    EST. 1996

Switzerland Cryptocurrency Licence

Switzerland is one of the most popular countries in the world along with Estonia for crypto licenses, it openly encourages the potential for blockchain technology and aspires to provide an optimal environment for continual innovation.

There several are different crypto licenses available in Switzerland that are used in conjunction with a Swiss AG or GMBH company. Companies may opt for licenses from Swiss Federal Financial Market Supervisory Authority (FINMA) depending on the nature of their project.

Switzerland aims to create an environment that allow companies explore new innovative ways of doing business in the cyrpto and blockchain sectors to become a 'blockchain and fintech nation'.  The Swiss FINMA give companies that accept public money the opportunity  of not "having to comply with costly time consuming regulations."

There are currently four different types of Swiss Crypto licenses available:

  • Fintech license
  • Exchange licence
  • Investment fund licence
  • Banking licence

Table of Contents:

switzerland cryptocurrency

Advantages

  • Switzerland is a pioneer of blockchain regulation since the start and has the most extensive experience in blockchain and crypto companies
  • Relevant authorities such as FINMA and SBA are approachable and encourage companies to develop personal contacts with them
  • Friendly business environment
  • Swiss government is active in encouraging the crypto environment and has issued ICO guidelines and FINMA papers
  • Crypto Valley in the canton of Zug has popular and innovative blockchain companies that enables a conducive environment for companies.
  • Low corporate tax rates
  • Low taxes in Cantons
  • Exemption from dividend tax possibilities
  • There is an enormous high-quality talent pool and the Crypto Valley Association which is dedicated to making Switzerland the leader of blockchain and crypto technologies is proactive in organizing events and communicating with the government to improve legislation
  • Crypto Valley is home to Xapo, Etherium, Tezos, and Monetas
  • Four of the 10 biggest ICOs in 2017 were incorporated in Switzerland.

  • Switzerland is one of the strongest and most stable economies and due to its ‘neutral’ stance provides great stability even in times of any regional instability 
  • Stable political and economic environment
  • With the “tax reform and AHV financing” (scheduled for 2020), companies’ tax rate for the profit tax should decrease drastically

Details for Switzerland Cryptocurrency Licence

Financial intermediaries who are not members of a self-regulatory organization require a license from FINMA as per the Anti-Money Laundering Act (AMLA). 

The conditions of the license are set out in Article 14 of the Anti-Money Laundering Act (AMLA). These conditions must be met before a license can be issued to a directly subordinated financial intermediary (DSFI).

   

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A financial intermediary must fulfill the following conditions:

  • It must be officially authorized to conduct business or be entered in the commercial register as a commercial undertaking.

  • It must have an appropriate organizational structure and its internal regulations must comply with AMLA requirements.

  • Both the organization and the people responsible for the administration must have a good reputation and be able to provide assurance of compliance with its duties under AMLA and of proper business conduct. 

  • Applications must either demonstrate that applicants will meet all the licensing requirements specified in the Act or will do so immediately after authorization has been granted.

  • The application must be signed by the applicant.
    • In case of applications filed by the applicant's legal representative, the application must be signed by the legal representative and a certified copy of the applicant’s person's power of attorney must also be enclosed.

      • FINMA will process the application once all documentation has been submitted correctly. If required, the applicant may be asked to furnish more information or documents in order to establish full compliance with licensing requirements.

General Information for a Crypto Licence

Incorporation time

Incorporation takes around 3-4 months if all the paperwork and documents are duly filed and completed.

Minumum paid capital

The minimum paid-up capital is 100,000CHF 

Directors and Shareholders

There must be at least one shareholder and one director

Confidentiality

Details of the beneficial owner as well as any shareholders are not publicly disclosed however details of the director is publicly available.

Taxation

There are three different types of taxes, federal and canton.

The federal tax rate is 7%

Each canton has its own tax rates between 11-24%. (Zug has a tax rate of 14% where a majority of the cryptos are based.

Physical presence

The company must have a registered address in Switzerland, does not need a company secretary but does require general meetings.

What do you need to start a Cryptocurrency Exchange?

cryptocurrency licence

A notarized copy of the following documents must be submitted :

  • Passport of shareholder and director
  • Proof of residential address of each shareholder and director (utility bill that is not older than 3 months can be submitted)

  • Bank statement of each shareholder and director
  • Signed and dated CV of each shareholder and director 
  • Bank reference of each director
  • Education proof for each shareholder and director
  • Two legal references for each shareholder and director
  • Proof of source of funds
  • Non-criminal record of each shareholder and director
  • Detailed business plan
  • Company manuals (corporate governance, AML/Compliance, security, IT manual, complaints, remuneration policy)

  • Apostilled company documents must be submitted if Directors and Shareholders are legal persons

What is the Cryptocurrency License Process?

  • Collecting and submitting all documents
    • This includes all fees associated with the company and licence
  • Forming a Swiss company 
    • Setting up of bank account
  • Filling crypto license application
    • Application is filed together with the business plan
    • Coordinating with FINMA to ensure all documents and application is in order 

Swiss Cryptocurrency Exchange Licence

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