FINMA Approves the First Bitcoin Trader in Switzerland

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FINMA Approves the First Bitcoin Trader in Switzerland
FINMA Approves the First Bitcoin Trader in Switzerland

FINMA Approves the First Bitcoin Trader in Switzerland

Swiss Financial Market Supervisory Authority or FINMA, the Swiss government body responsible for financial regulation, has announced that it is allowing the first Bitcoin trader in the country to operate. According to the news published in the local newspaper Alexis Roussel, founder and CEO of SBEX believes that approval of FINMA will open up fantastic opportunities for Bitcoin.

Alexis Roussel is of the opinion that if everything goes well the decision could auger well for Bitcoin in Switzerland as it will create a stable and clearly regulated environment to help the digital currency flourish. Representing Bitcoin, Alexis Roussel is also vice-president of the Swiss Association of Bitcoin and his happiness is expected.

The decision from FINMA which supervises banks, insurance companies, stock exchanges and securities dealers as well as other financial intermediaries in Switzerland, is encouraging for thousands of Bitcoin enthusiasts in the country.

More Than 10 Bitcoin ATMs Imported from Canada

The cryptocurrency broker SBEX also announced that it has entered into a unique partnership with Canada-based Bitcoin ATM manufacturer BitAccess so that it can deploy a Bitcoin ATM network in Switzerland. The Switzerland based company was also the one that got the first permanent Bitcoin ATM in the country installed in a Geneva restaurant.

The concerned Bitcoin ATM later on became a hit among the representatives in the United Nations when it was showcased at the Geneva Internet Platform. Now, the company has imported a round of ten BitAccess ATMs from Canada to Switzerland. These will soon be installed to provide better experience for Bitcoiners in the country.

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Sharing the sentiments, Moe Adham, BitAccess co-founder said that this partnership is a key milestone for BitAccess. He said that building its presence in the heart of Europe was crucial in order to continue the deployment of ATMs more closely to customers.

Switzerland is an important choice for the proximity with all major financial and international institutions.

Earlier the last year, the Swiss Parliament had considered a postulate that asked for Bitcoin to be treated as any other foreign currency. The postulate which was introduced by representative Thomas Weibel aimed to give clarity to users and legislators as well by eliminating ambiguities which were aplenty and leading to a lot of confusion.

Bitcoin as a means of payment is becoming hit among people in the country and it has penetrated into all strata of the Swiss legal system. However, it also has several critics; one of them is Jean Christophe Schwaab of the Swiss Socialist Party who believes that the only people in Switzerland who know about Bitcoin are “geeks, criminals and special police units.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com