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Swiss financial watchdog rejects banking license of Bitcoin Suisse AG.

The Swiss Financial Market Supervisory Authority (FINMA) has rejected the banking license of crypt firm Bitcoin Suisse AG.


According to the Reuters report, the Swiss Financial Market Supervisory Authority (FINMA) has informed Zug-based financial intermediary Bitcoin Suisse AG that it considers its 2019 application for a banking license to be ineligible for approval the markets watchdog said on Wednesday. Various elements that are relevant under licensing law make it unlikely that a license will be granted, FINMA stated in a statement. 

 

“There are indications of weaknesses in the money laundering defense mechanism.”

The Swiss financial watchdog further stated that there are indications of weaknesses in the money laundering defense mechanisms. “Bitcoin Suisse AG has now informed FINMA that it is withdrawing the application for a banking license at the present time. FINMA is therefore terminating the licensing procedure,” FINMA added in the statement. Later last year, the canton of the Zug administration announced that beginning February 2021, companies and individuals will be able to pay their taxes in the two major cryptocurrencies, bitcoin and ether. The Zug Department of Finance has collaborated with Bitcoin Suisse for the initiative.

 

The Swiss municipality of Zermatt lets residents pay taxes in crypto. 

The Swiss municipality of Zermatt had earlier allowed its residents to pay taxes in cryptocurrencies. The new payment option is being offered via crypto financial services firm Bitcoin Suisse. Using Bitcoin Suisse’s point-of-sale solution, installed in the Zermatt town hall, residents can pay local taxes in bitcoin. Taxpayers have to apply to the Zermatt Tax Office for a crypto payment solution for online payments. Taxes paid in bitcoin are converted into Swiss francs by Bitcoin Suisse and be transferred to the municipality’s bank account, per the announcement. Since the recent massive winning rally of bitcoin, several banks, and major institutions have warmed up to bitcoin and other cryptocurrencies. 



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