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The Swiss Financial Market Supervision Authority (FINMA) has announced that local blockchain- and cryptocurrency startups will be able to apply for a new fintech license, which will allow them to accept deposits of up to 100 million CHF ($ 100 million) along with traditional banks. the rules will take effect from January 1, 2019, says FINMA. An additional requirement is that a company who is registered and operates in Switzerland can become the owner of a FINTECH license.
Interested companies must provide FINMA with a number of supporting documents, including a detailed description of the business and its objectives, geographic reach and target audience. FINMA also requires full transparency of the management of companies, including directors' addresses, data on their education, resumes, facts of criminal prosecution, and even feedback from previous employers.
Companies will also need to list all shareholders who have direct and indirect participation in their capital of more than 5%. Foreign nationals will need to provide supporting documents issued in their homeland.
Note that new opportunities for cryptocurrency startups appeared due to the amendments that were recently introduced to the Swiss Law "On Banking" and aimed at developing innovations in the field of blockchain technologies and cryptocurrencies.