Bitcoin Suisse AG Becomes VQF, FINMA Member For Operation of Bitcoin ATMs
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,....
Related News
Bitcoin Suisse AG, a Switzerland-based digital finance broker and bitcoin ATM operator, has abruptly cancelled the planned launch of its newest, Zurich-based unit at the request of the Swiss Financial Market Supervisory Authority (FINMA). In a reddit post addressing the action, Bitcoin Suisse AG stated that in light of the government's request, it has also suspended all other planned bitcoin ATM launches and halted services for its existing ATMs. A representative from Bitcoin Suisse AG stated: "The Swiss Financial Market Supervisory Authority (FINMA) has requested Bitcoin Suisse AG to....
There's no doubt about the fact that both the legal and regulatory landscape surrounding bitcoin and bitcoin ATMs are still, well, unclear. And while most regulators have allowed for the launch of bitcoin businesses anyway, the Swiss Financial Market Supervisory Authority (FINMA) is hitting the brakes on one company's plans to launch bitcoin ATMs in Switzerland. That company is Bitcoin Suisse AG, and Swiss regulators have asked them to halt their Zürich ATM plans for now, pending legal clarification. The company wrote today on Reddit: It is correct that Bitcoin Suisse AG (BTCS) have been....
Switzerland is often thought of as a Bitcoin-friendly country. The Canton of Zug, for example, is sometimes called the crypto capital of the world and many Bitcoin service startups are located there, including Xapo, Shapeshift, Ethereum, Monetas, and Bitcoin Suisse. Companies wanting to do business in Switzerland need an approval by the Swiss Financial....
According to a press release, Bitcoin Suisse has now received approval from FINMA for its ATM network. UPDATE (20th June 21:18 BST): Comments from Bitcoin Suisse about it seeking regulatory approval for its ATM have been added. The Swiss financial regulator has given permission for bitcoin ATM operator SBEX to launch a network of machines in the country. The news comes in the wake of a report indicating that the authority had shut down a different operator just two weeks ago. Jumping through regulatory hoops. SBEX, which currently operates one ATM in Geneva, can now deploy further machines....
We really started to hear a lot about bitcoin ATMs late last year, when Las Vegas-based Robocoin launched the first two-way ATM in a downtown Vancouver coffee shop (that device went on to process over $1 million CAD in transactions in one month). Since then, to say that this industry has flourished is an understatement. According to the Bitcoin ATM Map - a service that keeps track of bitcoin/cryptocurrency ATMs - there are now over 200 ATMs that cater to crypto enthusiasts in operation globally. These ATMs are distributed across six continents from over 15 manufacturers. Five manufacturers....