New FINMA FinTech License Will Allow Swiss Crypto Startups to Handle Up To $100 Million

The Swiss Financial Market Supervisory Authority (FINMA) has announced on Monday, December 3, that local blockchain and cryptocurrency startups can now apply for a new fintech license that would allow them to handle deposits of up to 100 million CHF ($100 million), just like traditional banks. According to the official announcement, starting from January 1, 2019, companies other than banks can formally request to accept public funds of up to 100 million CHF as part of their business operations. "The FinTech licence allows institutions to accept public deposits of up to CHF 100 million, provided that these are not invested and no interest is paid on them. A further requirement is that an institution with a FinTech licence must have its registered office and conduct its business activities in Switzerland," the announcement reads. In order to be granted a fintech license, companies must adhere to clear rules that dictate how they can handle customer money. For example, they may not re