Zurich's Crypto Broker AG Licence Issued By Swiss FINMA.

Zurich's Crypto Broker AG Licence Issued By Swiss FINMA.

2021-02-01 | Mike Hallen

Zurich's Crypto Broker AG Licence Issued By Swiss FINMA.

Earlier today on Monday, Zurich’s leading Crypto Broker AG announced it has been granted a securities house license by the Swiss Financial Market Supervisory Authority [FINMA]. Crypto Broker AG is a component of a digital assets conglomerate that has asset management and storage infrastructure services. The license means broadening the scope of its business and adding a rubber-stamp when it involves compliance, risk monitoring, liquidity reporting than on, said Crypto Broker CEO Rupertus Rothenhaeuser.
“Some of our client banks have strict orders only to trade with regulated partners,” Rothenhaeuser said in an interview. “Now it’s just a case of calling them up to tick a box and that they can start trading.”
Switzerland is perhaps the sole place on the earth where regulations are maintained with crypto infrastructure. That said, only a couple of crypto firms are given FINMA’s blessing. The securities license invites Crypto Broker AG to hitch other regulated Swiss crypto players like SEBA and Signum, and dive into the planet of regulated security tokens (an area that just received further clarity in Switzerland because of the so-called “super DLT law”). In terms of immediate practicalities, being a licensed broker allows the firm to carry funds in fiat currency for clients, which removes headaches around payments and processing, said Rothenhaeuser.
“On the one side, we are considering a contemporary, fast, DLT-based business. But on the opposite side, the payment cycle for cryptocurrency transactions jogs my memory sometimes of being back within the 1980s,” Rothenhaeuser said. “Being a securities license holder enables us to stay funds within the account instead of always keeping the balance zero, so we will do far better straight-through processing and also maximize our margins.”
Asked which big players are waiting in line to start trading with Cryptocurrency Broker AG, Rothenhaeuser politely declined to call names but said some big players will appear within the news cycle shortly.
“We’ve been waiting an extended time for this license. I expect to get on the phone solidly for the subsequent five days,” he said.

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