Bitcoin Suisse AG allowed to operate Bitcoin ATMs
Bitcoin Suisse AG becomes a member of the VQF and receives FINMA approval for the operation of Bitcoin ATMs. The start-up will turn on its existing ATM network in Zurich and plans expansion throughout eastern Switzerland and Liechtenstein.
Bitcoin Suisse AG (BTCS) has become the youngest member of Switzerland’s leading self-regulatory organization (SRO), the VQF (Verein zur Qualitätssicherung von Finanzdienstleistungen). In the application process, BTCS and its business has been closely examined and evaluated and found fully compliant to existing laws and regulation. As a consequence, the crypto-currency business is now equipped with a mandate to fully resume its business. One aspect of which – the operation of automated point-of-sale machines (Bitcoin ATMs), that has received a lot of media coverage in the last weeks, has now also been approved by the FINMA.
One of the immediate effects of this is that BTCS will turn on its existing – but until now offline ATM network, consisting of a number of Zürich based machines. A network which will be expanded throughout eastern Switzerland and Liechtenstein, and where BTCS is now actively looking for locations and partners to realize this vision.
The membership status is an important leap forward for BTCS, which has now been accepted into the elite community of licensed financial service providers.
In the next months, BTCS will rapidly move to expand its business and services to become a central player in the Swiss Digital Finance marketplace, working closely with the regulatory authorities in order to secure the proper legal foundation for all planned activities.
Over the course of the summer and early autumn of 2014, business activities will be expanded with new services and products.
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