FIRST OFFICIAL LICENSE FOR A SWISS BITCOIN COMPANY
SWISS BITCOIN COMPANY St. Gallen, Switzerland, October 2017. The owner of the Payment21® brand has recently been licensed as a Directly Subordinated Financial Intermediary (DSFI). The third-party processor is now supervised by the Swiss Financial Market Supervisory Authority (FINMA) for compliance with Anti-Money-Laundering (AML) laws and Know-Your-Customer (KYC) rules.
After over one year of substantial effort and investment, the company received a regulatory upgrade, making it the first Bitcoin firm in Switzerland directly supervised by the Swiss Financial Market Supervisory Authority (FINMA) for compliance with Anti-Money-Laundering (AML). Moving Media GmbH, was formerly a member of Geneva’s ARIF, the Association Romande des Intermédiaires Financiers, a self-regulatory organization (SRO) under Swiss private law.
SWISS BITCOIN COMPANY
Moving Media GmbH has now reached a new level of regulatory compliance for firms dealing with cryptocurrency in Switzerland. As Managing Director Bernhard Kaufmann observes, “We are committed to meeting the legal requirements of the Swiss financial marketplace. Our handling of compliance issues enriches the digital currency ecosystem, and demonstrates that Swiss regulators embrace competitiveness in financial services, and truly encourage Fintech innovation in the digital era.”
Both the company’s business model and its compliance with the Anti-Money-Laundering law (AML) and regulations were carefully evaluated by Swiss FINMA, the Financial Market Supervisory Authority, prior and the company’s admission as a DFSI.
The Swiss-based payment gateway operates as a regulated financial intermediary offering AML-compliant Bitcoin processing services. Its offices are located in the Canton of St. Gallen, situated in the German-speaking eastern area of the alpine country. According to Kaufmann, “Government licensing is crucial when establishing a payments business. Official approval in a leading European financial center like Switzerland is a key differentiator in the competitive landscape.”
Payment21®’s award-winning Bitcoin cashier system provides collection and exchange services to e-commerce merchants, multinational corporations, and financial intermediaries around the globe. In addition to offering gateway services, the technology firm operates an exchange office enabling Payment21® to broker Bitcoin by exchanging digital money into legal tender. Kaufmann adds, “Our unique selling proposition goes well beyond simply providing cryptographic payment processing to ecommerce vendors. Currently, our advisory and engineering services for RegTech projects enjoy increased demand.”
Beyond providing payment services, the company has additional products in the development pipeline. The first product, an OTC brokerage for digital currencies targeted to licensed asset managers and institutional investors, is currently under limited release. Given its unique regulatory status, the company is well positioned to bridge the gap between the digital cash ecosystem and regulated financial services.
Payment21.com offers added value to enterprise-level businesses by meeting the specific regulatory requirements of auditors, government agencies, and financial institutions. The operator offers custom-made Fintech solutions and sophisticated integration modules to regulated companies such as payments institutions, publicly-listed corporations and traditional banks.
Payment21.com represents Fintech for the 21st century. The Swiss-based operator is an innovation-intermediary moving forward with the groundbreaking concept of encouraging digital currency as a global medium of exchange. Moving Media GmbH is the owner of the Payment21®-brand, and is a registered financial intermediary providing AML-compliant digital cash transactions. To find out more, visit https://payment21.com/
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Cryptocurrency Benefits and Drawbacks
Cryptocurrencies make it less complicated to transfer price range among two events in a transaction; these transfers are facilitated via using public and private keys for security functions. These fund transfers are executed with minimum processing prices, allowing users to keep away from the steep fees charged by maximum banks and monetary institutions for twine transfers.
Valuable to the genius of bitcoin is the blockchain it uses to store an internet ledger of all the transactions that have ever been carried out using bitcoins, imparting a statistics structure for this ledger that is uncovered to a restricted hazard from hackers and can be copied throughout all computers running bitcoin software. Many professionals see this block chain as having important uses in technology, which includes online voting and crowdfunding, and major monetary establishments along with jp morgan chase see capacity in cryptocurrencies to decrease transaction fees with the aid of making fee processing greener.
But, because cryptocurrencies are virtual and do no longer have a valuable repository, a digital cryptocurrency stability may be worn out by a laptop crash if a backup copy of the holdings does no longer exist. When you consider that charges are primarily based on deliver and call for, the price at which a cryptocurrency can be exchanged for another forex can differ widely.
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