ECUREX GmbH has informed that it became the first cryptocurrency exchange platform, fully compliant with the Swiss Banking Act, adding to its advantage over its bitcoin competitors.
The Swiss Financial Market Supervisory Authority (FINMA) has released a letter after 16 months of procedure, that ECUREX is fully compliant with the Swiss Banking Act.
Thus ECUREX was able to get ahead of Swiss Bitcoin Exchange -SBEX, which had already been authorized by FINMA.
Nevertheless, SBEX is a typical bitcoin gateway with money transfer, while ECUREX enables them the possibility to trade between different digital and fiat currencies, providing a real-time electronic trading platform, where traders can exchange bitcoin for real currencies.
If any bitcoin company wants to operate in Switzerland, it has to meet conditions of Anti-Money Laundering Act (AMLA) and Swiss Banking Act (SBA).
FINMA provides analyses if companies comply with Swiss AMLA and SBA, ECUREX met conditions of AMLA in April 2014 and now is fully compliant with SBA as well, according to FINMA.
Chief Executive Officer of ECUREX, Paolo Tasca, stated: “On the one side the Swiss financial market is one of the most and better regulated in the world with a strong currency. On the other side, science and technology in Switzerland play an important role in the economy (for several years Switzerland has been voted the world’s most innovative country according to the Global Innovation Index developed by the French business school Insead). The combination of these two elements represents an extraordinary environment that favours the development of the FinTech community.
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