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CRYPTO LICENSE IN  SWITZERLAND

CRYPTO LICENSE IN  SWITZERLAND

Seeking a Switzerland crypto license? Benefit from Switzerland's straightforward crypto regulations and supportive tax policies. Consulting24 can facilitate your licensing process.

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 SWITZERLAND CRYPTO LICENSE: OUR TEAM HELPS YOU AQUIRING YOUR LICENSE.

Consulting24 has rapidly become the leading consultancy firm across the UK, Canada, Singapore, Estonia, Lithuania, and Dubai, distinguished by the volume of its operations and having successfully secured over 500 crypto exchange licenses.

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We help with Switzerland, Canada, UK, Singapore, Dubai, Estonia & Lithuania  cryptocurrency license registration.

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SWITZERLAND CRYPTO LICENSE  EXPLAINED

The Swiss Financial Market Supervisory Authority (FINMA) is the primary regulator for crypto and blockchain endeavors in Switzerland, ensuring they meet the nation's stringent legal requirements. Notably, FINMA grants specific crypto licenses, including the cryptocurrency exchange license Switzerland, legitimizing the operations of crypto exchanges within the Swiss financial market. Additionally, the Swiss crypto license encompasses a framework for various cryptocurrency activities, promoting legal compliance and overseeing adherence to financial market laws, particularly targeting anti-money laundering protocols. In a strategic move to bolster blockchain innovation, FINMA, in conjunction with the Swiss State Secretariat for International Finance (SIF), embarked on a mission in 2018 to refine the legislative landscape, facilitating the integration of blockchain advancements. This initiative highlights Switzerland's proactive approach in providing a stable and clear regulatory pathway for crypto licenses, reinforcing its reputation as a crypto-friendly jurisdiction.

Illustration of the Switzerland flag alongside a symbol of a crypto license in Switzerland

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In Switzerland, fintech ventures are recognized as legitimate entities but must secure a Swiss crypto license to operate lawfully. The Swiss Federal Tax Administration (FTA) regards cryptocurrencies as taxable assets, which are fully exchangeable and usable for diverse commercial purposes.

Blockchain-based cryptocurrency initiatives are nurtured by the Swiss government and regulatory bodies, who provide indispensable support and direction. To advance the crypto sector, Switzerland has launched various initiatives, including:
 

  • The Crypto Valley Association: This independent body aids and interlinks startups and established companies within the crypto sphere.
     

  • The Blockchain Taskforce: A Swiss governmental effort that focuses on establishing a comprehensive regulatory framework tailored to blockchain technology within the country.
     

  • The Innovation Hub: A project by the Swiss National Bank designed to foster financial innovation.
     

FINMA vigilantly monitors the crypto space, taking firm action against fraudulent cryptocurrency operators, having already dismantled several dubious ventures, including a company circumventing blockchain to store digital coins on servers. Ongoing investigations are scrutinizing other entities.

While the Federal Council acknowledges the risks inherent in cryptocurrency trading, the process of registering a cryptocurrency exchange in Switzerland is streamlined, reflecting the nation's recognition of blockchain's potential and its commitment to cultivating an optimal environment for technological innovation.

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TYPES OF SWITZERLAND CRYPTO LICENSE 

In Switzerland, various licenses are available for cryptocurrency businesses, each offering legal authorization to perform different services in the crypto space. Here's a breakdown of each license:
 

  1. Banking License: This permits financial institutions to function as banks in Switzerland, offering conventional banking services in conjunction with cryptocurrency-related services. Switzerland's crypto-friendly banks can extend services for cryptocurrency storage and trading, along with traditional banking products.
     

  2. Fintech License: A sought-after license for crypto businesses, allowing them to accept public deposits up to 100 million Swiss francs without engaging in investment or paying interest on these funds. This license is pivotal for facilitating innovative financial transactions within the crypto domain.
     

  3. Investment Fund License: This license enables fund managers to oversee collective crypto assets, managing these funds on behalf of their clients, providing a structured and regulated investment environment.
     

  4. Securities Dealer License: Required for crypto companies dealing with the issuance, trade, or brokerage of securities tokens or other financial instruments on the blockchain, ensuring these activities meet regulatory standards.
     

  5. Payment System License: Necessary for crypto companies operating blockchain-based payment systems, such as stablecoin issuers or decentralized exchanges, to ensure secure and compliant financial transfers.
     

  6. DLT Trading Platform License: Introduced with the 2021 DLT Act, this license allows for the operation of multilateral trading platforms for DLT securities and other assets based on distributed ledger technology, promoting innovation in trading services.

    Each license, whether it's for a crypto exchange license in Switzerland or a broader Switzerland crypto license, requires adherence to comprehensive regulatory standards, including anti-money laundering measures and customer due diligence, to maintain financial integrity and uphold Switzerland's status as a premier crypto-friendly nation.

SWITZERLAND CRYPTO LICENSE  ADVANTAGES 

Clear legal frameworks and stable regulatory

Switzerland's crypto regulatory landscape is firmly in place and expected to remain consistent. Securing a cryptocurrency exchange license from FINMA guarantees that your exchange functions within a well-defined legal structure, fostering trust among users and investors.

Leading blockchain ecosystem

Swiss crypto companies are poised to capitalize on a favorable financial environment, as evidenced by a recent survey that revealed that over 55% of Swiss banks are preparing to offer digital asset services within the next 1-3 years​​​​. 

Highly respected business location

Switzerland is globally renowned as a premier business hub, esteemed for its economic stability, innovation-friendly policies, and strong legal protections. It has a reputation for a highly developed banking infrastructure.

A good tax system

Switzerland's income tax structure is tripartite, consisting of consistent federal taxes across the nation at 8.5%, variable cantonal taxes within each canton ranging from 11.9% to 21%, and local municipal taxes.

Wealthly investors community

Switzerland is home to a robust community of affluent investors, drawn by the country's financial discretion and stable economic landscape. This elite group is well-catered to by Switzerland's sophisticated banking sector and favorable investment climate.

Financial infrastructure

Home to the 50 top-tier crypto companies such as AllianceBlock, Bancor, Cardano, and the Ethereum Foundation, Switzerland stands out as a central node in the blockchain industry.

CRYPTO LICENSE IN  SWITZERLAND

SWITZERLAND CRYPTO EXCHANGE LICENSE  REQUIREMENTS

To secure a cryptocurrency license in Switzerland, entities must adhere to a set of stringent conditions, which vary with the license type and the crypto business's activities. Essential requirements include: 
 

  • Establishing a suitable business structure, such as a joint-stock company, limited liability company, or a corporation with unlimited partners, within Switzerland.

  • Presenting a well-defined business plan that outlines the company's mission, goals, target market, product offerings, services, associated risks, and frameworks for governance and regulatory compliance.

  • Maintaining adequate capitalization to offset operational and financial risks, with a baseline of CHF 20,000.

  • Establishing a solid organizational structure with mechanisms for efficient management, oversight, control, and reporting.

  • Registering a corporate office on Swiss territory.

  • Appointing at least one management member who resides in Switzerland.

  • Designating an Anti-Money Laundering (AML) Officer who is also a Swiss resident.

  • Implementing robust risk management policies and procedures.

  • Ensuring comprehensive internal controls and audit capabilities.

  • Fully complying with all pertinent laws and regulations.

  • Engaging in proactive cooperation with FINMA and other regulatory bodies.
     

These criteria are designed to uphold the integrity of the Swiss financial system and foster trust in the cryptocurrency sector.

PROCESS OF OBTAINING CRYPTO EXCHANGE LICENSE SWITZERLAND

The entire process to establish a crypto exchange license in switzerland, from registration to operational readiness including bank account setup, typically takes around 3-4 months.

Step 1 - Gathering Client Documentation to Initiate the Process

  1. Select  company name

  2. Passport copies of all shareholders and directors

  3. Address of residence confirmation (utility bill) from all directors and shareholders

  4. Power of attorney

  5. A business model of the company (detailed description)

Illustration of the Switzerland flag alongside a symbol of a crypto license in Switzerland

Step 2 - Company registration in Switzerland

  1. Company registration

  2. Preparation of corporate documents

  3. Recruitment and hiring of AML Officer and Local Director

  4. Set up office 

Step 3 - Switzerland crypto license registration

  1. Preparation of license application documents

  2. AML/KYC Policy drafting

  3. Submission of license application to the SRO

  4. Communication with the SRO Representative until the license is granted

Step 4 - Bank account opening

  1. Assessing the most appropriate banks or Electronic Money Institutions (EMIs) and contrasting their willingness to take on risk with the client's risk profile, informed by pre-established Anti-Money Laundering (AML) policies.

  2. Gathering essential documentation from the client, such as proof of funds flow, source of wealth, account opening objectives, principal associates, company website, and a utility bill for verification purposes.

  3. Navigating the client's company through the comprehensive procedure of account opening.

OVERVIEW OF CRYPTO LICENSES IN SWITZERLAND

OVERVIEW OF CRYPTO LICENSES IN SWITZERLAND.png
CRYPTO LICENSE IN  SWITZERLAND

SWITZERLAND CRYPTO LICENSE COMPANY REGISTRATION

To establish a cryptocurrency enterprise in Switzerland, a series of documents must be compiled and submitted, which varies with the company type. Commonly required documents include:
 

  1. A filled-out application for company registration.
     

  2. The company's Articles of Association.
     

  3. A Memorandum of Association.
     

  4. Identification proofs for founders, shareholders, and directors.
     

  5. A recent (no older than six months) criminal record certificate for founders and management.
     

  6. Proofs of education and professional experience for the company's owners and directors.
     

  7. Verification of the company's physical address.
     

  8. An Anti-Money Laundering (AML) policy backed by appropriate software.
     

  9. Proof of paid-up share capital.
     

  10. Evidence of a corporate bank account setup and associated banking documents.
     

  11. A Stampa declaration, attesting that there are no undisclosed physical deposits or asset recoveries

STEP-BY-STEP GUIDE TO ESTABLISHING A CRYPTO COMPANY IN SWITZERLAND

  1. Confirming the uniqueness of the proposed company name by checking against the Central Index of Company Names.
     

  2. Registering the company name on the EasyGov platform, which then integrates it into the Swiss company registry and assigns a unique company identification number (UID).
     

  3. Opening a Swiss bank account to deposit the legally required minimum authorized capital.
     

  4. Crafting and filing the application for company registration.
     

  5. Registering with the Commercial Register, mandatory if the company's annual turnover exceeds CHF 100,000.
     

  6. Enlisting the company with the Federal Tax Administration and the cantonal tax offices.
     

  7. Registering employees with the Federal Social Insurance Office (FSIO) and the Cantonal Compensation Office.
     

  8. Applying for a crypto license through FINMA, the financial regulatory authority.
     

  9. Following the approval of the company formation application, the Commercial Registry will list the company's details in the Swiss Commercial Gazette.
     

It's essential to take into account that the specific administrative procedures and rules are dependent on the particular nature of a company's crypto activities. Therefore, delineating the scope of crypto operations is recommended before embarking on the company formation journey.

TESTIMONIALS

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I had an honor to work with Lena for last few years and I would highly recomend her to all who would need her services. It’s been a pleasure and very easy work and communication. Good kind & reliable person. True professional who provides professional services and timely response to all inquiries. Follows up with all updates and makes sure u are in the best standing u can be with your business by making sure that u are educated of what’s new and compliant.

- Ingrida Laukiene, Founder of DiamondBack Group

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