In an announcement, ECUREX, a digital finance marketplace for professional traders and financial institutions headquartered in Zurich, says that it has become the first digital currency exchange platform to be fully compliant with the Swiss Banking Act. The company, thus, claims that it will be able to generate trust among the regulators and customers both.
The company also claims that it is the first digital currency exchange platform to be compliant with the Swiss Anti-Money Laundering (AML) Act since April 2014. Thus, this has long been established that the fundamental goal of ECUREX is to comply with the law of the land while offering exclusive services to the customers; the latest decision is aimed towards the same goal.
Nonetheless, Switzerland which considers digital currencies such as Bitcoin equivalent to any other foreign currency has always been quite open towards it. For instance, the professional operation of Bitcoin trading platforms constitutes financial intermediation with the requirement to comply with both the Banking Act and the AML Act, is one such measure.
Moreover, as the Swiss Financial Market Supervisory Authority (FINMA), Switzerland’s financial watchdog, has decided that the exchange is compliant with the Swiss Bank Secrecy Act, after 16 months of investigations, ECUREX is all set to become a trusted name in the entire ecosystem. Though it was keeping a low profile since its founding in 2014, this is the time up for it.
The observers who have been looking into the digital currency ecosystem in Switzerland say that this company operates a cryptocurrency trading platform, and is currently invite only. However, it will soon add fiat pairs to the platform, allowing traders to exchange Swiss francs and American dollars for a range of digital currencies; this according to them will help it more.
Stable Regulatory Environment is good for Customers
Talking about the latest developments, Paolo Tasca, ECUREX CEO and co-founder, admitted that this has been a major achievement for the firm. He recently gave a presentation about Bitcoin’s market and technology trends, at an event created by Startup Europe which is part of the European Commission backed Digital Agenda for Europe (DAE) initiative.
Tasca says that he thinks a stable regulatory environment is not only beneficial for Bitcoin companies in the long-term, but also for the customers. According to him Switzerland has the most challenging regulatory environment for such a business; however, they are thrilled to be the first with a business model that allows them to operate here.
To contact the reporter of this story: Deepak Tiwari at email@example.com