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A guide to setting up a crypto business in Switzerland By Cointelegraph

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A guide to setting up a crypto business in Switzerland

As the cryptocurrency world matures with more and more jurisdictions legalizing it and ensuring crypto becomes an industry standard, cryptocurrency receives a quality mark that proves that it can earn users’ trust. Over the next four years, the European Union will introduce new rules that will allow the introduction of blockchain technologies and crypto assets into the traditional financial sector.

For now, however, the need to obtain regulatory approval for financial activities remains the main obstacle to entering the market, which is also associated with a large waste of time and money for startups — although this is not always the case. Additionally, each business model requires a specific type of license.

  1. Peer-to-peer operations are prohibited — i.e., transfers from card to card.
  2. The maximum balance per client does not exceed 3,000 Swiss francs ($3,299).
  3. No interest is paid on funds.
  1. Companies hold a deposit to execute a client’s transaction.
  2. No interest is credited to the account.
  3. The duration of the transaction is limited.
  1. Settlements for the purchase or sale of cryptocurrency and temporarily arising obligations to fulfill them fall under one of the exceptions given above.
  2. The fact of ownership of cryptocurrency by each client is reflected in the blockchain directly and separately from the company’s funds.
  3. Each cryptocurrency deposit can be attributed to a specific client at any given time.

Alex Axelrod is the founder and CEO of Aximetria and Pay Reverse. He is also a serial entrepreneur with over a decade of experience in leading world-class technological roles within a large, number-one national mobile operator and leading financial organizations. Prior to these roles, he was the director of big data at the research and development center of JSFC AFK Systems.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Cryptocurrency

US AML watchdog wants info on all international crypto transactions over $250 By Cointelegraph

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US AML watchdog wants info on all international crypto transactions over $250

The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve are looking to get more information on smaller transactions than ever before.

According to a notice of proposed rulemaking published on Friday, the agencies want to lower the $3,000 threshold established in 1995 to $250 for international transactions, meaning that financial institutions would need to exchange client information alongside all transactions greater than $250 that begin or end outside of the United States. Which is to say, the Travel Rule, as it is known, would apply to quite small amounts of money changing hands.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Cryptocurrency

South Korean gov’t doesn’t know who will protect crypto exchanges from Kim Jong-Un’s hackers By Cointelegraph

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South Korean gov’t doesn’t know who will protect crypto exchanges from Kim Jong-Un’s hackers

There has been a hot political debate underway on who should take responsibility for countering North Korean hacks targeting South Korean cryptocurrency exchanges. Recently, South Korea’s financial watchdog made it clear that they do not see this issue as any of their business.

According to Fn News, the Financial Services Commission, or FSC, has replied to a written inquiry from the National Assembly’s Political Affairs Committee on October 23. The FSC says that they’re not responsible for the crypto stolen during attacks from hackers sponsored by the Kim Jong-un’s regime, such as Lazarus Group, on crypto exchanges.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Cryptocurrency

For the first time since 2018 Bitcoin balances on exchanges fell below 2.5M By Cointelegraph

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For the first time since 2018 Bitcoin balances on exchanges fell below 2.5M

On October 20, 2020, the amount of (BTC) held at major exchanges fell below 2.5 million BTC for the first time in two years.

Source: Glassnode.

Nexo co-founder Antoni Trenchev opined to Cointelegraph that this trend is driven by the world finally realizing that only Bitcoin offers sound monetary policy:

Source: Glassnode.
Source: Digital Assets Data.
The biggest losers: Exchanges that led the trend. Source: Cointelegraph, Glassnode.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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