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A guide to setting up a crypto business in Switzerland

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A guide to setting up a crypto business in Switzerland

As the cryptocurrency world matures with more and more jurisdictions legalizing it and ensuring crypto becomes an industry standard, cryptocurrency receives a quality mark that proves that it can earn users’ trust. Over the next four years, the European Union will introduce new rules that will allow the introduction of blockchain technologies and crypto assets into the traditional financial sector.

For now, however, the need to obtain regulatory approval for financial activities remains the main obstacle to entering the market, which is also associated with a large waste of time and money for startups — although this is not always the case. Additionally, each business model requires a specific type of license.

  1. Peer-to-peer operations are prohibited — i.e., transfers from card to card.
  2. The maximum balance per client does not exceed 3,000 Swiss francs ($3,299).
  3. No interest is paid on funds.
  1. Companies hold a deposit to execute a client’s transaction.
  2. No interest is credited to the account.
  3. The duration of the transaction is limited.
  1. Settlements for the purchase or sale of cryptocurrency and temporarily arising obligations to fulfill them fall under one of the exceptions given above.
  2. The fact of ownership of cryptocurrency by each client is reflected in the blockchain directly and separately from the company’s funds.
  3. Each cryptocurrency deposit can be attributed to a specific client at any given time.

Alex Axelrod is the founder and CEO of Aximetria and Pay Reverse. He is also a serial entrepreneur with over a decade of experience in leading world-class technological roles within a large, number-one national mobile operator and leading financial organizations. Prior to these roles, he was the director of big data at the research and development center of JSFC AFK Systems.

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A guide to setting up a crypto business in Switzerland

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