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Bitcoin Suisse AG Becomes VQF, FINMA Member Operation of Bitcoin ATMs

Avatar newsbtc 5 years ago

Swiss bitcoin services company Bitcoin Suisse AG has announced that they have received membership into recognized Swiss regulatory organizations, giving them the green light to establish a network of bitcoin ATMs, in addition to operate as a licenses financial intermediary and asset manager.

The company has become the youngest member of Switzerland’s lead and perhaps most well-known self-regulatory organization, the VQF (Verein zur Qualitätssicherung von Finanzdienstleistungen).

The company says they have been found fully compliant with existing laws and regulation in country, and as such, have permission to resume its business activities with full force.

One section of their business includes the deployment of bitcoin ATMs, which has been approved specifically by FINMA, the Swiss Financial Market Supervisory Authority.

As of current, the company operates a small network of machines in Zürich, which have been offline pending regulatory approval. And since now that approval has been given, the machines will reportedly be brought online and into active service.

Future plans include bringing more bitcoin ATMs to Eastern Switzerland, in addition to Liechtenstein, for which the company says they are working to bring aboard partners who can help make these plans a reality.

“The membership status is an important leap forward for [Bitcoin Suisse], which  has now been accepted into the elite community of licensed financial service providers,” Bitcoin Suisse CEO Niklas Nikolajsen writes in a press statement.

With the regulatory green light given, the company is now poised to expand its businesses and services with the aim of becoming “a central player in the Swiss Digital Finance marketplace,” with new products making their debut later this year in Autumn.

Bitcoin Suisse adds that investors will be able to purchase company bonds and/or equity later this summer.

[textmarker color=”C24000″]Image[/textmarker] Andrew Bossi/Wikimedia

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