Swiss regulators allow SBEX to launch Bitcoin ATM network in the country

Last updated on October 13th, 2017 at 09:38 am

Switzerland will soon have its own Bitcoin ATM network thanks to the company SBEX, which recently received approval from the Swiss regulators to install the machines in the country.

The approval became public shortly after the publication of a report announcing that the authority had shut down a different operator called Bitcoin Suisse AG only a couple of weeks ago.

This decision means that Geneva-based SBEX can now deploy ATMs to the rest of the country, since it has been accepted as a member of a non-profit organisation called ARIF (Association Romande des Intermédiaires Financiers), which is regulated by FINMA, the Swiss Financial Market Supervisory Authority, Coindesk reports.

The good news allowed SBEX to apply for a money transmitter licence, fulfilling the regulatory requirements to operate an ATM network. The company received a letter from ARIF that states that Bitcoin is treated as a means of payment  in Switzerland.

“We 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”, said SBEX co-founder Mathieu Buffenoir.

Alexis Roussel, the company’s CEO, revealed that the approval from FINMA “creates fantastic opportunities for the cryptocurrency users in Switzerland”.

Featured image from Wikimedia

Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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