The legal frameworks and business classifications in Switzerland, as well as in the Crypto Valley of Zug, list cryptocurrency companies as financial service businesses. That means that if you are intending to operate publicly then you will have to get approval from the Swiss Financial Market Supervisory Authority also known as FINMA.
The good news here though is that as fintech companies begin to pour into Switzerland, the officials at FINMA aren't requiring them to obtain a specific licence at this point in time – meaning that there isn't yet a solid legal framework for cryptocurrencies.
As a general guideline though, a cryptocurrency developed and operating in the Crypto Valley will need to follow any and all rules outlined in the Swiss Anti-Money Laundering Act. There is no bypass of this under any circumstance and the failure to meet the requirements listed in this act can result in damaging and almost crippling fines and penalties.
Due to this, it's a good idea to speak to a legal team to ensure your operations are in compliance with this Act.
As an example, operations listed below will need to comply with the Anti-Money Laundering Act in order to operate without the risk of penalties:
- Buying or selling bitcoin for any commercial purpose
- Operating on any trading platform.
Anyone building a fintech business or cryptocurrency that will operate within any of the above services or activities will have to design a business framework that adheres to all money laundering acts in Zug's Crypto Valley. This also means that you must speak with local authorities and a team of lawyers to ensure you have the most updated sets of information to deal with the matter.