09 July 2014 / Leap Rate – Switzerland, the land of traditional and extremely safe banking institutions, heralded by high net worth investors worldwide as a safe haven for untold wealth, has taken a somewhat unorthodox step toward the acceptance of virtual currencies as a means of payment.
SBEX, an acronym for Swiss Bitcoin Exchange, has been authorized by national regulatory authority FINMA.
Alexis Roussel, founder and CEO of SBEX stated last week that the approval of SBEX by Switzerland’s financial regulator “opens up fantastic opportunities for crypto-currencies in Switzerland, creating a clearly regulated environment in this area.”
Mr. Roussel is also vice-president of the Swiss Association of Bitcoin.
The regulation of a Bitcoin exchange by FINMA marks a milestone in the long road to legitimization that virtual currency has traveled, as well as making a giant step toward easing the consumer protection related fears which continue to plague the minds of many since the demise of MtGox earlier this year, a situation in which the vast majority of investors were unable to seek recourse over their lost Bitcoins.
Additionally, with Switzerland’s gilt-edged reputation for ensuring that only the most reputable firms operate within its borders, the arrival of SBEX could serve to remove negative connotations previously associated with Bitcoin as a result of illicit trading conducted via annonymous market places such as Silk Road, itself having been the subject of seizure by the United States government last year.
In the period preceding the approval by FINMA, Switzerland’s authorities had become concerned with the 13 million units of crypto currency in circulation that were not subject to regulation. On this basis, the regulatory approval has been a welcome development….. Read more
