OBTAINING A FINANCIAL LICENSE IN SWITZERLAND

LICENSING IN SWITZERLAND

Switzerland is known as a global leader in facilitating financial transactions. It actively implements reforms in the legislation, taking into account the development trends of the cryptocurrency market, and creates favourable conditions for cryptocurrency companies’ activities. Particular attention is paid to ensuring the legitimacy and transparency of the industry.

Companies directly interacting with clients’ money are considered banking structures in Switzerland. However, a financial license is also required for FinTech organisations, cryptocurrency structures, payment service providers, e-money issuers, etc.

Swiss authorities closely monitor all innovations in the FinTech services market, promptly responding to them, and regularly adjusting the legislative framework.

Companies wishing to engage in financial activities must obtain appropriate permission. In Switzerland, a financial license is issued by the Financial Market Supervisory Authority (FINMA). The same body controls and regulates the services provided.

Requirements vary slightly depending on the recipient. When issuing licenses to banks and insurance companies, FINMA pays particular attention to documentation and capital, while when working with portfolio managers, it focuses on asset protection. It should be noted that due to the rapid development of the financial industry in the country, legislation on financial markets often changes.

The application review process takes approximately 6 months.

COREDO specialists, thanks to their deep knowledge and professional skills, will help save time and significantly increase the chances of obtaining a financial license.