• Fri. Mar 29th, 2024

Banking License for Bitcoin Suisse is Unlikely to be approved by Swiss Regulator

Avatar

By

Mar 17, 2021

It seems that Bitcoin Suisse’s request for a banking license is currently hanging by a thin thread. This possibility has emerged after a very concerning opinion has been passed by the Swiss principal financial regulator. According to sources, the Financial Marker Supervisory Authority of Switzerland has made a statement that is not favorable for Bitcoin (BTC).

The opinion by the regulator has come following the request that was filed by Bitcoin Suisse for a banking license in order to provide applications to users for Bitcoin Suisse.

The statement against the banking license request was released by the regulator on Wednesday, March 17, 2021. In the statement released by the regulator, it has been made clear as to why the request from Bitcoin Suisse may not be approved.

The regulator has stated that there are currently several elements in the licensing law that need to be studied and licensed first. Therefore, it is highly unlikely that the request for the banking license would be granted to Bitcoin Suisse.

(Advertisement)Artificial Intelligence Crypto Trading
CypherMind-HQ.com Artificial Intelligence Crypto Trading System – Get Ahead of the Curve with this sophisticated AI system! Harness the power of advanced algorithms and level up your crypto trading game with CypherMindHQ. Learn more today!


Following the above statement released by the regulator, another very surprising report has emerged regarding Bitcoin Suisse. The sources are reporting that since the statement released by the regulator, the firm has withdrawn its request.

Arthur Vayloyan, who is the CEO of Bitcoin Suisse, was also approached by the cryptocurrency reporting firms. Vayloyan remained extremely calm, collected, and very optimistic about the decision made by the Financial Market Supervisory Authority.

While giving an interview to the crypto-reporting firm, Vayloyan stated he and the entire company has remained really optimistic about the entire situation. The company knows that it currently has a long list of options that can avail or adopt in the Bitcoin adoption.

According to Vayloyan, Bitcoin Suisse has been on the scene for a really long time. In these years, the firm has gained a lot of reputation for being a reliable storage for cryptocurrencies. On top of that, the firm has gained as much reputation as a trading platform that it has gained as a storage platform.

Bitcoin Suisse has all the potential, capabilities, and resources to become and remain the first choice for institutions when it comes to providing exposure to cryptocurrencies and digital assets.

Vayloyan also revealed that this not the first time Bitcoin Suisse has applied for the banking license. The company had previously applied for the banking license back in July 2019. However, at that time, the situation wasn’t what it is today and now the cryptocurrency industry is on an entirely different level.

He stated that they are confident that the situation of cryptocurrencies will continue to change and become more favorable for institutional adoption. That is when the company will apply for the license again and then it hopes to have the license accepted and granted.

Avatar

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss Out On CypherMindHQ

#1 Artificial Intelligence Crypto Trading System

Sign Up Now

Try Crypto Engine With a Trusted Broker