Tagged: finma

December 1, 2020 @ 11:00 am By JD Alois  |  

The Libra Association, the initiative launched by Facebook to create a global digital currency, has changed its name to Diem, according to a note from the group. Recently, there have been multiple reports that the Diem Association is gearing up to launch its digital currency…. Read More

July 31, 2020 @ 11:01 am By JD Alois  |  

SEBA Bank AG, a bank that is regulated and licensed by the Swiss Financial Market Supervisory Authority (FINMA), has completed two independent audits in relation to existing processes and controls. SEBA Bank is a digital asset focused firm that offers an “institutional-grade solution for digital… Read More

July 5, 2020 @ 5:11 pm By Omar Faridi  |  

Switzerland-based InCore Bank, a “one-stop” B2B transaction bank (founded in 2007), has reportedly enabled fiat on-ramps for digital asset exchange Kraken’s European customers. Europe’s retail and institutional clients can now purchase cryptocurrencies like Bitcoin (BTC) and Ether (ETH) through Kraken by using their fiat money… Read More

May 6, 2020 @ 2:07 pm By JD Alois  |  

The Libra Association, founded by Facebook to create a global payments cryptocurrency, has announced the selection of Stuart Levey as its first CEO. Levey will step into the leadership position from HSBC, a global bank with 235,000 employees across 64 countries. Levey is currently serving… Read More

May 3, 2020 @ 8:25 pm By Omar Faridi  |  

Sygnum Bank, a licensed digital asset bank, confirmed on April 30, 2020, that XRP digital tokens will be available through its banking services platform. Customers now have the option of depositing, trading, and accessing credit services using the XRP cryptocurrency. Headquartered in Switzerland, the FINMA-licensed… Read More

April 16, 2020 @ 11:01 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has distributed a statement on Libra’s application for a “payment system license.” Initiated by Facebook, Libra is a digital currency attempting to facilitate payments globally outside of the traditional payments rails. The Libra Association is headquartered in Geneva,… Read More

April 16, 2020 @ 10:34 am By JD Alois  |  

The Libra Association, Facebook’s push to create a global non-sovereign digital currency, is applying for a Payment System License from the Financial Markets Supervisory Authority (FINMA) in Switzerland. In addition to applying for the FINMA license and updating the white paper, the Libra Foundation reports… Read More

April 2, 2020 @ 8:08 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has published its annual report for 2019. FINMA said that blockchain technology continued to “preoccupy FINMA intensively.” FINMA currently oversees over 29,200 financial services firms and products. FINMA said it is increasingly seeing the development of digital securities… Read More

January 19, 2020 @ 5:27 pm By Omar Faridi  |  

SEBA, a Switzerland-headquartered digital asset bank that holds regulatory licensing, is reportedly planning to raise $96.5 million in capital. During the fundraising, SEBA’s management intends to secure 100 million Swiss francs (appr. $96.5 million) from new investors, which include established financial institutions, family offices and… Read More

December 9, 2019 @ 5:00 am By Jonathan J. Attia and Thibault Verbiest  |  

We have deliberately chosen to limit our presentation, for pedagogical reasons, to the four fundamental periods represented by the emergence of Bitcoin, Ethereum, Libra and CBDCs (Central Bank Digital Currency) because no other event (derived or similar project) has had such an impact on the… Read More

September 12, 2019 @ 11:33 am By Omar Faridi  |  

France’s government is reportedly planning to block the ongoing development of Facebook’s controversial stablecoin project, Libra.  French authorities said the launch of the crypto-related Libra initiative must not be permitted in Europe because it challenges the “monetary sovereignty” of states, according to CNBC. The report… Read More

September 11, 2019 @ 12:16 pm By JD Alois  |  

Following the announcement by the Swiss Financial Market Supervisory Authority (FINMA) has issued guidelines on the treatment of stablecoins under Swiss law, the Libra Association, a non profit based in Geneva, Switzerland, will pursue a license as a payment system with lead supervisory authority under the… Read More

September 11, 2019 @ 6:55 am By JD Alois  |  

The planned international scope of Libra requires an internationally coordinated approach. The Swiss Financial Market Supervisory Authority (FINMA) has published guidelines on treatment of stablecoins under Swiss law. Stablecoins are virtual currencies or cryptocurrencies which attempt to hold a stable value by pegging itself to… Read More

August 26, 2019 @ 9:45 am By JD Alois  |  

The Swiss Financial Markets Authority (FINMA) has approved SEBA Crypto AG for a banking and securities license. SEBA joins Sygnum in becoming the first digital asset platforms to receive such a license. As with Sygnum, the license is provisional and will become finalized once SEBA… Read More

August 26, 2019 @ 9:30 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has published guidance as to the application of regulatory requirements for payments on the blockchain for financial services providers under FINMA supervision. Specifically, the guidance addresses anti-money laundering (AML) and know your customer (KYC) rules. In a release,… Read More

August 26, 2019 @ 8:52 am By JD Alois  |  

Digital asset platform Sygnum has received a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA). The Zurich, Switzerland based Fintech reports this is the first time a digital asset specialist has received the license from FINMA – joining SEBA who… Read More

June 28, 2019 @ 9:34 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has introduced a new Fintech license and a “revision” of the provisions related to their Fintech sandbox ecosystem. FINMA stated that the Swiss parliament has introduced a new licensing category for Fintech companies. Simultaneously, FINMA said the Federal… Read More

March 27, 2019 @ 6:23 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has issued a release stating it has found that Envion AG “unlawfully received public deposits on a commercial basis from at least 37,000 investors.” Envion is currently in the process of being liquidated by the Zug bankruptcy authority…. Read More

March 15, 2019 @ 7:49 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has published a set of adjustments regarding their policy for their Fintech License and Sandbox structure. In June of 2018, the Swiss parliament introduced a new licensing category for Fintech companies. The following August FINMA launched a consultation… Read More

December 10, 2018 @ 7:49 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has outlined the requirements for anti-money laundering (AML) and firms seeking a Fintech license. Last week, FINMA issued the general guidelines for their Fintech license which is designed to encourage innovation in financial services by providing a streamlined approach… Read More