FINMA grants Swiss-based Crypto Broker AG a securities house license
- The license will help both the Crypto Finance Group and Crypto Broker AG expand operations.
- This achievement has made Crypto Broker AG one of the few firms to get FINMA’s approval.
- Per Crypto Finance Group’s CEO, this license will help it introduce more institutions to crypto.
Crypto Broker AG, a Zurich-based crypto brokerage firm, has secured a securities house license from the Swiss Financial Market Supervisory Authority (FINMA). A press release unveiled this news on February 1, noting that the license is an acknowledgement of the firm’s consistent professional approach toward crypto trading, liquidity provision, and financial innovation. The license will reportedly let the firm expand its scope of business seamlessly.
According to the news release, this milestone has seen Crypto Broker AG join the short list of crypto brokerage firms, including SEBA and Sygnum, which have met FINMA’s licensing requirements. Crypto Broker AG is part of a digital assets conglomerate dubbed Crypto Finance Group. Through obtaining the securities house license, Crypto Broker AG has allegedly created a gateway for the Crypto Finance Group to start offering new compliant products, services, and platform features. On top of this, the license would serve as a rubber stamp when it comes to compliance, risk monitoring, and liquidity reporting, among other regulatory requirements.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Commenting on how the license would impact the group’s operations, Jan Brzezek, the founder, and CEO of the Crypto Finance Group said,
Getting the securities house licence for our brokerage is a pivotal moment for us. It means that we will be able to offer our professional – and regulated – services to even more financial institutions, enabling them to enter this new asset class. The licence also recognises our team’s dedication and expertise.
Switzerland’s increasing interest in crypto
In the past year, Crypto Broker AG traded assets worth more than £0.73 billion, depicting Switzerland’s growing appetite for cryptocurrencies. Per Rupertus Rothenhaeuser, the CEO of Crypto Broker AG, this license will help further expand the firm’s crypto business this year.
This news comes on the heels of Switzerland introducing new laws for the crypto sector. In so doing, the country created legal certainty for the nascent industry. The country’s lawmakers allegedly passed a bill dubbed Blockchain Act into law on September 10, 2020, creating room for the law to become effective this year. Through this bullish attitude toward crypto, Switzerland has become the only country in the world whose regulations are keeping up with crypto.
Reportedly, the Swiss House of Representatives believes that the law can potentially open doors for decentralized finance. On top of this, the representatives trust that the legislation can create digital company shares among other tradeable assets.