Sygnum is in talks with local regulators to seal a banking license in Singapore, Bloomberg reported on Aug. 28. The cryptocurrency firm has only just been issued a conditional banking and securities dealer license in Switzerland — and now aims to become a fully regulated bank on the island nation so it can provide a full suite of financial services. Becoming a full-fledged, regulated crypto bank Sygnum co-founder and chief strategy officer Gerald Goh said its application for the Singapore license will get underway once it becomes a fully fledged Swiss bank later this year. The financial services it would …

Switzerland’s central bank, Swiss National Bank (SNB) is in close contact with the relevant authorities over Facebook’s Geneva-based crypto project Libra. The news comes from SNB vice-chairman Fritz Zurbruegg via a Reuters report from Aug. 27. Libra documentation still lack some details Zurbruegg said that it is still difficult to analyze the Libra project fully, citing the vague character of available documentation. He added that some details are still missing in the documents. The news follows a visit by United States lawmakers to Switzerland this month in order to clarify how various Swiss authorities would regulate Libra, as well as …

The Swiss Financial Market Supervisory Authority (FINMA) has reportedly granted two banking and securities dealer licences to crypto-focused banks. Two Swiss crypto-specializing firms, Seba Crypto AG and Sygnum have received banking and securities dealer licenses, the banks said in separate statements on Aug. 26. With the new license, Seba expects to officially launch its new trading platform platform in early October 2019, the company stated. Seba’s plans include the establishment of a digital asset platform for professional traders, firms and institutional clients, as well as custody storage and asset management. Sygnum said that regulatory approval will allow it to bring …

Switzerland’s Financial Market Supervisory Authority (FINMA) has released guidance on regulatory requirements for payments on the blockchain under FINMA supervision. The new guidance for virtual asset service providers, published on Aug. 26, applies to blockchain service providers including exchanges, wallet providers and trading platforms. In its preface to the guidance, FINMA notes its adherence to the framework for digital asset regulation issued this June by the intergovernmental Financial Action Task Force (FATF). More stringent than the FATF FINMA underscores that blockchain sector businesses cannot be exempted from the country’s existing regulatory standards, such as the Anti Money Laundering (AML) Act. …

Following a visit to Switzerland to meet with the country’s financial regulators, United States lawmakers are still concerned over Facebook’s proposed cryptocurrency project, Libra. Meetings with multiple agencies According to an official statement from Representative Maxine Waters published on Aug. 25, members of the U.S. House of Representatives Financial Services Committee met with multiple regulatory agencies and lawmakers. These included the State Secretariat for International Financial Matters, the Federal Data Protection and Information Commissioner, and the Financial Market Supervisory Authority. As announced earlier this month, the representatives aimed to clarify how various Swiss authorities would regulate Libra and learn more …

Swiss private bank Maerki Baumann has had a deluge of 400 new clients wanting to tap its future blockchain offerings since it revealed its interest in the sector. Swiss Info reported on Aug. 22 that the Zurich-based institution — which has $8.2 billion in assets under management but faces stiff market competition and an erosion of its margins — has opted to embrace blockchain to rejuvenate its business. Bid to be “the go-to private bank” in Swiss crypto In an interview with Swiss Info, Maerki Baumann CEO Stephen Zwahlen said that the bank’s revelation it would be launching a crypto …

A delegation of the United States House of Representatives will visit Switzerland on cryptocurrency concerns, with Facebook’s not-yet-released stablecoin Libra being in the focus. As local weekly news outlet NZZ am Sonntag reported on Aug. 17, a six-member delegation from the House Financial Services Committee is going to meet with Swiss Federal Data Protection and Information Commissioner (FDPIC) Adrian Lobsiger to exchange views about digital currencies. A spokesperson told NZZ am Sonntag that Libra will be the focal point of the dialogue between the regulator and U.S. lawmakers. The delegation is led by the chairwoman of the House Financial Services …

The CEO of Switzerland’s SIX Digital Exchange (SDX), the cryptocurrency-focused arm of the the country’s principal SIX Swiss Exchange, is departing the company, local news outlet SwissInfo reported on Aug. 14. CEO departs before SDX launch Martin Halblaub will step down after eight months into his job when his contract expires at the end of August following disagreements on how the trading platform should be run. Halblaub reportedly wanted SDX to launch as an independent company, while the board of the parent company — SIX Group — disagreed. He commented on the decision: “I fully support SDX’s ambition and business …

A social media application “rewards users for their time and creativity” spent on online content. The team says it has amassed an extensive network of influencers and celebrities — as well as more than 120 global ambassadors in 20 countries. “Superfood hunter” Darin Olien, YouTube comedian Bart Baker and choreographer Antoine Troupe are among those confirmed to be joining the network. After being in invite-only mode, Appics says the beta version of its platform has opened to crypto enthusiasts and early adopters. This summer, it is planning to launch to the public at large — and hopes to build upon …

Switzerland’s biggest cross-industry self-regulatory organization (SRO) has seen a spike of members from the cryptocurrency and blockchain industry. 88 members of Financial Services Standards Association have connections to crypto The Swiss Financial Services Standards Association (VQF), the oldest and largest SRO in the country, said that 7% of its membership is connected with crypto-related businesses, financial news outlet Finews reports Aug. 2. Simon Waelti, one of the co-CEOs at the association, clarified that 88 members in VQF have a connection to crypto so far, adding that the figure may come to vary over the course of the year. The mission …

Swiss integrated cryptocurrency exchange Smart Valor has launched trading of four fiat currencies with Bitcoin (BTC) and Ether (ETH). Switzerland sees another crypto first As a blog post issued July 30 confirmed, Smart Valor, which combines exchange with custody and brokerage features, will continue to add new currencies on a monthly basis. The company is headquartered in the town of Zug, home of Switzerland’s Crypto Valley Association, and represents the first integrated exchange provider to launch in the country. “After 18 months of development, we are excited to go live with a core element of the SMART VALOR Platform — …

Cryptocurrency-focused personal finance app Aximetria has gained a financial standards license recognized by Swiss regulators. In a press release provided to Cointelegraph July 29, Aximetria, which is based in the country, said the Swiss Financial Services Standards Association (VQF) license would allow it to function as a crypto intermediary and streamline its onboarding process. The VQF license is approved by Switzerland’s overarching finance regulator, the Financial Market Supervisory Authority (FINMA). An award means the holder carries out activities in compliance with the organization’s anti-money laundering (AML) and Know-your-Customer (KYC) rules. “The Swiss license is of vital importance to Aximetria and …