Cryptocurrency exchange license in Switzerland

Crypto Exchange License Switzerland

Switzerland is not only one of the world's financial centers but also a pioneer in the development of the crypto business. Back in 2014, the Confederation fixed the legal status of non-fiat currencies. The legal recognition of crypto assets launched the active development of the financial market trading in digital currencies.

Cryptocurrency in Switzerland is considered an asset that can be exchanged and used for various commercial activities. To work with cryptocurrency, including as ICOs or crypto-exchangers, you must obtain a Swiss Crypto license. There are several types of licenses depending on the chosen field of activity:

  • Banking license
  • Investment fund license
  • FinTech license
  • DLT trading system license

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Company registration in Switzerland

It is necessary to register a local company, for which a license will subsequently be issued. You should select the name of the company, indicate the participants and provide their documents in order to register a company.

Account opening

The company needs to open a bank account in order to deposit the share capital. Opening an account is a complex process that should be entrusted to professionals. In order to open an account, you should to collect a package of documents and competently conduct further negotiations.

Contribution of authorized capital

The exact amount of authorized capital depends on the type of the license. The beneficiary must provide documents on the source of origin of funds contributed as authorized capital upon bank's request.

Hiring required employees

The company must have key positions employees, some of them must be local. We will help with the search and selection of employees.

Office rent

Office rent is not mandatory, but having one will significantly increase your chances of obtaining a license. We will select a budget option that meets the requirements.

Preparation of documents for applying for a license

It is necessary to prepare a business plan, and policies. In addition, application forms must be filled out. The client will only need to provide a basic information, on the basis of which we will prepare documents, taking into account local legislation.

Filing an application

It is necessary to submit an application to the regulator after preparing the company and documents. After submitting an application, you must be ready to answer additional questions from the regulator. We will take care of timely and competent answers.

Obtaining a license

The company receives a license after successfully passing the previous stages. At the same time, it must begin work within six months from the date of receipt of the license. Otherwise, the license may be cancelled.

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Regulation of blockchain FinTech projects

Please note that there is no specific legislation regulating activities related to digital currencies in Switzerland yet, although, in 2021, the government introduced promising amendments to some laws concerning blockchain technology. Digital money is now included in the current financial services system, so crypto assets are subject to general rules.

The Swiss Financial Market Supervisory Authority, or FINMA, is the main regulatory body for licensing firms that deal with non-fiat funds. In addition, in Switzerland, indirect control is carried out by self-regulatory organizations VQF SRO.

Advantages of a crypto exchange license Switzerland

The Swiss Confederation is not a low-cost jurisdiction. However, there are many reasons to get a crypto exchange license Switzerland:

  • Active support for the cryptocurrency environment.
  • The loyal attitude of the government and supervisory authorities (FINMA, Swiss Bankers Association, etc.).
  • Loyal tax policy.
  • Economic and political stability, favorable business environment.
  • Qualified workforce.

Applying for a crypto exchange license Switzerland: Requirements and procedure

Only a resident company (the applicant must register a firm in the territory of Switzerland) with a business permit can apply for a license.

The applicant must prove that their firm can ensure compliance with all KYC/AML policy requirements. The applicant and those responsible for the management and administration of the company's operations must have a good business reputation.

To obtain a crypto exchange license Switzerland, you must:

  • Define crypto assets and designate the scope of business (what transactions will be conducted).
  • Prepare a detailed business plan and financial projections.
  • Choose the organizational structure of the company (at least 1 director and 1 shareholder).
  • Prepare constituent documents and internal regulations.
  • Open a bank account.
  • Fill in and submit an application for licensing.

Company registration requires a minimum share capital, the amount of which depends on the legal form chosen (the minimum initial capital is CHF 20,000 for LLC/GMBH and from 100,000 for joint-stock companies/AG). The process of obtaining a license takes 4-12 months.

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