{"id":210,"date":"2014-06-21T18:21:00","date_gmt":"2014-06-21T18:21:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/swiss-regulators-give-green-light-for\/"},"modified":"2023-01-14T02:23:23","modified_gmt":"2023-01-14T00:23:23","slug":"swiss-regulators-give-green-light-for","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/06\/swiss-regulators-give-green-light-for.html","title":{"rendered":"Swiss regulators give green light for Bitcoin ATM Network"},"content":{"rendered":"<div class=\"picture featured\" style=\"clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">(<a href=\"http:\/\/www.coindesk.com\/swiss-regulators-give-green-light-bitcoin-atm-network\/?utm_source=CoinDesk+subscribers&amp;utm_campaign=a06793cd7c-EMAIL_RSS_CAMPAIGN&amp;utm_medium=email&amp;utm_term=0_74abb9e6ab-a06793cd7c-78914197\">CoinDesk<\/a>) The Swiss\u00a0financial regulator has given permission for\u00a0<a href=\"https:\/\/holytransaction.com\/page\/what-is-bitcoin\">bitcoin<\/a> ATM operator SBEX to launch a network of machines in the country. The news comes in the wake of a report indicating that the authority had shut down a different operator just two weeks ago.<\/div>\n<h2 style=\"text-align: justify;\">Jumping through regulatory hoops<\/h2>\n<div style=\"text-align: justify;\"><a href=\"http:\/\/sbex.ch\/?p=131\" target=\"_blank\" rel=\"noopener\">SBEX<\/a>, which currently operates one ATM in Geneva, can now deploy further machines because it has been accepted as a member of a non-profit organisation that is regulated by <a href=\"http:\/\/www.finma.ch\/e\/pages\/default.aspx\" target=\"_blank\" rel=\"noopener\">FINMA<\/a>, the Swiss Financial Market Supervisory Authority. The non-profit is called\u00a0<a href=\"http:\/\/www.arif.ch\/en\/qui_sommes_nous.htm\" target=\"_blank\" rel=\"noopener\">ARIF<\/a>, the Association Romande des Interm\u00e9diaires Financiers, and is considered a self-regulatory body (OAR) in Switzerland. Now, with membership in hand, SBEX has successfully applied for a money transmitter licence, fulfilling the regulatory requirements to operate an ATM network.<\/div>\n<div style=\"text-align: justify;\">CoinDesk has seen a copy of a letter from ARIF to the operator, dated 17th June, that sets out the regulator\u2019s stance on bitcoin ATM operators. According to the letter, operators must join an OAR, but do not require a banking licence. It also restated that bitcoin in Switzerland is treated as a means of payment, not a good or a service. SBEX co-founder Mathieu Buffenoir said:<\/div>\n<div style=\"text-align: justify;\">\n<blockquote><p>\u201cWe finally got clearance from ARIF, who were asking FINMA many questions about how they should deal with us. [The clarification from ARIF] is what we were expecting.\u201d<\/p><\/blockquote>\n<\/div>\n<h2 style=\"text-align: justify;\">Cancelled ATM launch<\/h2>\n<div style=\"text-align: justify;\">Two weeks ago, a competing ATM operator called Bitcoin Suisse AG <a href=\"http:\/\/www.coindesk.com\/swiss-regulators-block-bitcoin-atm-launch\/\">cancelled the launch<\/a> of an ATM in Zurich, claiming that FINMA had requested a delay while the regulator clarified \u201clegal questions\u201d. This prompted speculation that Swiss authorities were clamping down on bitcoin ATMs.<\/div>\n<div style=\"text-align: justify;\">However, according to Buffenoir, who has operated a machine in Geneva since February, running a single bitcoin ATM poses no special regulatory difficulties and\u00a0is not regulated by FINMA.<\/div>\n<div style=\"text-align: justify;\">This does come with the proviso that the business must stay within certain limits, such as completing fewer than two million transactions a year, Buffenoir said, adding:<\/div>\n<div style=\"text-align: justify;\">\n<blockquote><p>\u201cI don\u2019t really know why [Bitcoin Suisse AG] made so much noise [about its ATM]. Maybe they wanted to get themselves known or they want things to move quicker.\u201d<\/p><\/blockquote>\n<\/div>\n<div style=\"text-align: justify;\">Bitcoin Association Switzerland president <a href=\"http:\/\/bitcoinassociation.ch\/board.html\" target=\"_blank\" rel=\"noopener\">Luzius Meisser<\/a> said the clarified rules were in line with the bitcoin community\u2019s expectations, calling it \u201cthe most reasonable\u201d interpretation of Swiss law. He explained the confusion over Bitcoin Suisse\u2019s suspended launch:<\/div>\n<div style=\"text-align: justify;\">\n<blockquote><p>\u201cI think SBEX fulfilled all the regulatory requirements before Bitcoin Suisse did, so they got the approval first.\u201d<\/p><\/blockquote>\n<\/div>\n<div style=\"text-align: justify;\">\n<p>Bitcoin Suisse chief executive Niklas Nikolasjen said his firm was working on obtaining the necessary regulatory approvals for their ATM. He said the media had overstated his firm\u2019s cancelled ATM launch and that it had been consistently working to obtain regulatory approval.<\/p>\n<p>\u201cIt is now clear to everyone in the industry that the regulatory authorities require certain steps to be undertaken by companies who professionally deal with digital finance. BTCS is naturally following these requests as well,\u201d he said.<\/p>\n<\/div>\n<h2 style=\"text-align: justify;\">Expansion plans<\/h2>\n<div style=\"text-align: justify;\">Now that SBEX has cleared Swiss regulatory hurdles, Buffenoir says the company will carry out its plan to set up a web brokerage and install nine ATMs before the year is up. Buffenoir said SBEX has already placed orders for the machines with the manufacturer, Canadian startup <a href=\"http:\/\/www.coindesk.com\/tag\/BitAccess\/\">BitAccess<\/a>.<\/div>\n<div style=\"text-align: justify;\">Additionally, SBEX has joined a new consortium currently lobbying the Swiss government to create an OAR dedicated to cryptocurrencies and to obtain a clearer regulatory framework from FINMA. The consortium already counts Bitcoin Suisse and Ethereum Switzerland among its members, Buffenoir said. Switzerland is being closely watched by the cryptocurrency community, as its executive body, the Federal Council, is due to release a comprehensive report on bitcoin\u2019s impact on the country\u2019s financial system later this year. Swiss lawmakers also moved, in December, to obtain recognition for <a href=\"http:\/\/www.coindesk.com\/swiss-lawmakers-bitcoin-foreign-currency\/\">bitcoin as a foreign currency<\/a>.<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>(CoinDesk) The Swiss\u00a0financial regulator has given permission for\u00a0bitcoin ATM operator SBEX to launch a network of machines in the country. The news comes in the wake of a report indicating that the authority had shut down a different operator just two weeks ago. Jumping through regulatory hoops SBEX, which currently operates one ATM in Geneva, [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,37,274,542],"tags":[704,948,1201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Swiss regulators give green light for Bitcoin ATM Network -<\/title>\n<meta name=\"description\" content=\"Explore the launch of a nationwide network of Bitcoin ATMs in Switzerland. 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