The Swiss financial regulator has awarded banking and securities dealer licences to two new “crypto banks”. SEBA and Sygnum have been cleared to operate, a major milestone for the fledging industry.
At the same time, the Swiss Financial Market Supervisory Authority (FINMA) issued rules on how to apply anti-money laundering regulations to the banks “where the inherent anonymity of blockchain technology presents increased risks”.
This restricts the transfer of tokens to people the bank knows. “FINMA-supervised institutions are thus not permitted to receive tokens from customers of other institutions or to send tokens to such customers. This practice applies as long as information about the sender and recipient cannot be transmitted reliably in the respective payment system.”
Zug-based SEBA says it will be operational in October once it fulfils “secondary criteria” demanded by FINMA. It plans to offer corporate and asset management services for the new asset class.
Sygnum, headquartered in Zurich, has teamed up with the German stock exchange, telecoms operator Swisscom and other partners to list and trade tokenised securities on a distributed ledger technology platform.
Via Swissinfor /FINMA /WSJ
Armenia’s ruling pro-Europe party has won parliamentary elections, confirming the country’s pivot towards Europe and away from its traditional ally, Russia.
Final results in the small...
The EU wants to target fewer, clearer goals at the world's annual climate summit in November, building alliances in advance to avoid a repeat of last year's bruising talks where the blo...
Updated 1210
EU Parliament Backs First Sustainable Tourism Strategy: The European Parliament has approved a report by Daniel Attard that will form the basis of the EU’s first Strategy...
Updated 1315
EU Committee Backs Plan for Next Budget Cycle with Stronger Role for Islands: MEP Thomas Bajada has secured approval from the European Parliament’s Committee on Economic ...
The European Parliament has approved a major new initiative aimed at reducing workplace accidents and strengthening worker protection across the European Union, as concerns continue to g...
The European Union has approved new rules aimed at tightening the screening of foreign investments in strategic sectors, marking a major shift in Europe’s approach towards economic secur...
Budget airline Wizz Air said on Monday it will begin offering Starlink satellite internet across its fleet from next year, becoming the first European ultra-low-cost carrier to introduce...
Stellantis said on Tuesday it is recalling more than 1.3 million Jeep SUVs and trucks worldwide over fire concerns and urged owners to park away from structures or other vehicles unt...
The European Parliament has approved a major new initiative aimed at reducing workplace accidents and strengthening worker protection across the European Union, as concerns continue to g...
The European Union has approved new rules aimed at tightening the screening of foreign investments in strategic sectors, marking a major shift in Europe’s approach towards economic secur...
GO p.l.c., Malta’s leading telecommunications provider, today announced the launch of the MOGOSC project (MOdernisation of the GO-1 Submarine Cable), a strategic infrastructure upgrade t...
Malta Employers extends its congratulations to the Partit Laburista on its victory in the General Election and looks forward to engaging in constructive social dialogue with Prime Minist...
Israel and Iran exchanged fresh attacks on Monday, marking a significant escalation in tensions and raising concerns over regional stability and global energy supplies.
The Israeli mi...
Gulf hostilities flared anew on Wednesday, with the U.S. military saying Iranian missile attacks on Bahrain, Kuwait and other regional targets were either thwarted or failed, as diploma...
Thousands of Cuban security personnel have begun leaving Caracas after nearly two decades in Venezuela, as Washington ramps up efforts to dismantle the long standing alliance between the...
María Corina Machado is a prominent figure in Venezuela’s opposition. She has reported that one of her closest associates, Juan Pablo Guanipa, was abducted. This occurred mere hours afte...
Ukrainian President Volodymyr Zelenskyy proposed a face-to-face meeting with Vladimir Putin in an open letter to the Russian leader on Thursday, saying he was ready for a "full ceasefire...
All members of the European Union agreed to open talks with Ukraine and Moldova on the first cluster of issues in their accession talks, Ukrainian Prime Minister Yulia Svyrydenko said ...
