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Cryptocurrency broker SBEX has announced a unique partnership with Canada-based bitcoin ATM manufacturer BitAccess to deploy a bitcoin ATM network in Switzerland (where SBEX is based).
Earlier this year, the first permanent bitcoin ATM in the country was installed in a Geneva restaurant, garnering immense attention among bitcoin enthusiasts in the city. That same ATM was also showcased at the Geneva Internet Platform event held on United Nations property on several occasions.
Now, a round of ten BitAccess ATMs have been shipped from Canada to Switzerland to enter operation.
“This partnership is a key milestone for BitAccess. Building our presence in the heart of Europe was crucial in order to continue the deployment of our ATMs more closely to our customers,” said Moe Adham, BitAccess co-founder. “Switzerland is a [sic] important choice for the proximity with all major financial and international institutions.”
The news comes following the admission of SBEX as a financial intermediate within the Self-Regulatory Organization (SRO) and Association Romande des Intermédiaires Financiers (ARIF):
Prior to this admission, SBEX SA has mandated KPMG for its financial and anti-money laundering auditing. The admission process has been submitted by the ARIF to the Swiss financial regulator FINMA that has confirmed the need for Bitcoin brokerage activities to respect AML regulations and undergo registration with a SRO. The FINMA also recognizes crypto-currencies such as Bitcoin as valid means of payment. Furthermore, this implies companies accepting deposits in crypto-currencies from their clients should apply for a banking license in full analogy with fiat currencies.
SBEX CEO Alexis Roussel said, “This acknowledgment from the Swiss regulator FINMA opens fantastic opportunities for crypto-currencies in Switzerland. It creates a stable environment where it is clear what can or can’t be made. The whole team is excited by this news!”
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