TL;DR Breakdown:
- FINMA has awarded a securities house license to Crypto Broker AG.
- This will enable the brokerage company to better serve institutional clients in crypto.
A Switzerland-based cryptocurrency brokerage company, Crypto Broker AG, has been awarded a license that will expand its reach to more institutional investors. According to the press statement on Monday, the brokerage company received a “securities house” license from FINMA, the country’s financial regulator. The development today caps the company’s milestone record of $1 billion assets traded in just the past year.
Crypto Broker AG receives FINMA’s license
Crypto Broker AG is the brokerage subsidiary of the Crypto Finance Group. Amid the regulator permit, it has become one of the few crypto brokerage companies that have met the licensing requirements for securities companies. The development today is also important for the company to better serve institutional investors in the crypto space. Crypto Broker AG will also be able to hold clients’ funds, which it says is important to enable them to enter the new asset class.
“Getting the securities house license for our brokerage is a pivotal moment for us. It means that we will be able to offer our professional – and regulated – services to even more financial institutions, enabling them to enter this new asset class.” the founder of Crypto Finance Group, Jan Brzezek, added.
Crypto Broker AG is already seeing increased participation in cryptocurrencies from its clients. According to the report, they traded more than $1 billion in assets last year and expects to see more growth this year, following the regulator’s permit.
Swiss crypto-friendly regulation
Switzerland remains one of the few jurisdictions with friendly regulations for the crypto market. There has been a lot of increased participation in the Swiss market and companies dealing with digital currencies in the country.
In October, the Swiss government moved to introduce new guidance aimed at addressing the concerns of under-regulation and also enabling a friendly environment for cryptocurrencies.
