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First FINMA supervision for bitcoin company

Moving Media, the owner of the payment system Payment21, has become the first bitcoin company in Switzerland to be directly supervised by the Swiss Financial Market Supervisory Authority (FINMA).

Bitcoin
Image Credit: geralt/Pixabay

The process took over one year, but Moving Media – with its cryptocurrency payment system Payment21 – has received a regulatory upgrade. 

According to a company statement, this is a first for Switzerland. Both its business model and its compliance with anti-money-laundering laws and other regulations were carefully evaluated by FINMA before being issued the license. The company is now obliged to comply with anti-money-laundering laws and know-your-customer rules.

Headquartered in St.Margrethen, Moving Media’s Payment21 bitcoin cashier system provides collection and exchange services to e-commerce merchants, multinational corporations and financial intermediaries around the world. 

“Government licensing is crucial when establishing a payments business,” said Managing Director Bernhard Kaufmann. “Official approval in a leading European financial centre like Switzerland is a key differentiator in the competitive landscape.”

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