Switzerland issues first license to crypto exchange

Switzerland's FINMA for the first time grants licensure to a cryptocurrency exchange
20 October 2017   751

For the first time, the Financial Market Supervisory Authority (FINMA), a regulatory arm of the Swiss government, has licensed a crypto exchange to operate as a Directly Subordinated Financial Intermediary.

In the official press release, the exchang called "Payment21" describes the licensure as the result of “over one year of substantial effort.” 

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.
 

Bernhard Kaufmann 
Managing Director of the exchange

The man also highlights that "government licensing is crucial when establishing a payments business". Indeed, an official approval in a leading European financial center like Switzerland is a key differentiator in the competitive landscape.

Though this is a first for FINMA, the body has recently made other forays into the crypto space.
 

Bernhard Kaufmann 
Managing Director of the exchange

Payment21 is going tp expand into other cryptocurrency sectors.  For now, it also processes Bitcoin transactions on behalf of ecommerce vendors, enabling them to accept the cryptocurrency as payment for goods and services. 

Iranian Central Bank Doesn’t Recognize Bitcoin as Official Currency

The Central Bank of Iran announced that it has never recognized Bitcoin as an official currency and conducts no transactions in it or other cryptocurrencies  
22 February 2018   37

Last year, the Iranian government was interested in utilizing cryptocurrencies as a way of bypassing economic sanctions levied against the country. Today it completely changed its mind. The Central Bank of Iran announced that it will never recognize Crypto as official currency.

The bank informed citizens about risks of making investments because there is a chance to lose financial assets. Currently, the bank is cooperating with other institutions to develop mechanisms to control and prevent the use of cryptocurrencies in the country.

The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.

The Central Bank of Iran

However, there is some positive news. Today, Iran’s Information and Communications Technology (ICT) Minister Mohammad-Javad Azari Jahromi informed about the development of a local cryptocurrency by Post Bank. Unfortunately, the stage of research is not stated.