However, construction companies will also be able to open crypto-structures, for example, mini-funds to attract potential housing buyers. Simplified licensing application for a public deposit can lead to the emergence of new players in the Swiss construction market, such as existing crypto-funds that will be able to invest in construction. There are such schemes in Switzerland too but due to tight banking regulations, it is difficult for construction companies to open such deposits. Later, several other financial companies turned to the regulator for permission. Cash deposits are widely used in investment contracts for the purchase of residential property under construction.
The Swiss Financial Market Supervisory Authority (FINMA) informed the public about the new rules of the FinTech license that allow digital companies to open deposits for up to 100 million Swiss francs ($100 million). Moreover, not only credit and financial organizations but also crypto-startups will be licensed to conduct currency transactions. There is one requirement – not to impose interest on this money and not to reinvest.
The document has been planned to be one of the options for "softening the requirements" of the crypto-industry. It will be really easier to receive the updated FinTech license from 2019. To obtain the license, it is necessary to provide the regulator with documents detailing the business, its geography, and target audience; disclose information about the company's offices, its employees, shareholders, and management; financial plan of the project, asset storage method, risk management strategy, and anti-money...
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