Swiss regulator issues financial license, first Bitcoin compliant company is launched

The company that owns payment gateway Payment21 has become the first bitcoin company to receive full regulatory approval from Switzerland’s financial regulator.

Moving Media announced on Tuesday that it had been granted a Direct Financial Intermediary (DSFI) licence.

This means that it has become a fully compliant company in terms of AML (Anti-Money Laundering) and KYC (Know Your Customer) under the supervision of the Swiss Financial Market Supervisory Authority (FINMA).

Moving Media said it had received the licence after "more than a year of hard work and commitment". Managing Director Bernhard Kaufmann said:

We have been committed to meeting the legal requirements for entering the Swiss financial market. Our handling of compliance issues enriches the entire digital currency ecosystem and also proves that Swiss regulators are tolerant of competition in the financial services sector and that they sincerely encourage financial technology innovation in the digital age.

Kaufmann’s positive attitude is representative of the current sentiment in the Swiss bitcoin market, as not only cryptocurrency enthusiasts but also traditional investors are beginning to enter this field.

Two Swiss banks have already launched Bitcoin and Ethereum trading exposure in July, while a reorientation of regulatory policy and encouragement has given people in certain regions more options to interact directly with cryptocurrencies. Kaufmann added:

Government licenses are important for payment companies. In a competitive environment, being recognized by the government of top European financial centers such as Switzerland is a key advantage.