In its report from December 16th 2022, the Swiss Federal Counsel evaluated the situation with regard to the promotion of innovative business cases in the financial industry.
The key statements are:
- Switzerland shall improve the regulatory framework in favour of fintech & crypto business cases
- Segregation of customer assets held by fintech licensed companies in order to ensure full protection which shall allow decreasing the application requirements of the FINMA approval process as well as shall allow fintech licensed companies to use this element for advertisement
- Evaluation of the limitation of CHF 100 million for accepting deposits from the public and potentially increase or skip this limit
These changes are intended to increase the attractiveness of Switzerland as a location for innovation. In particular, FINMA’s fintech license could become even more popular and internationally competitive.
The JayBee-Team expresses gratitude to the State Secretariat for International Finance SIF and specifically to Doris Fiala for granting us the opportunity to share our input as one of the major providers of licensing assistance.