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
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