Bitcoin wallets get "conditional approval" in Switzerland

Bitcoin wallets get

PanARMENIAN.Net - Bitcoin companies offering virtual wallets sometimes face a difficult legal question: do they have to operate as a bank (with all the regulation that entails), or can they function as something else? In Switzerland, at least, that matter is settled. Xapo has received "conditional approval" for running its bitcoin wallet service from the country. It'll have to participate in a self-regulatory organization and meet other unspecified terms, but it won't have to secure a banking license. As of now, it's classified as a financial go-between, Engadget said.

Xapo was likely helped by its insistence that it doesn't take deposits. The firm adds that it won't serve American customers, potentially due to legal uncertainty surrounding bitcoin.

The approval isn't coming completely out of the blue. Switzerland plays a key role in the financial community, and it has been aggressively courting bitcoin operations in a bid to future-proof itself. Nonetheless, the legal footing granted here is important. It opens the door to other wallet businesses that want to use Switzerland as a home base, and could set an example for other countries to follow, Engadget said.

 Top stories
Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT).
Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues.
Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls.
Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020."
Partner news
---