FINMA gives the go-ahead for Bitcoin ATM network in Switzerland

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23.06.2014

SBEX SA, a start-up based in Geneva, and BitAccess Inc. are announcing a partnership for the deployment of a Bitcoin ATMs network within Switzerland. The first round of 10 ATMs have been shipped from Canada to Switzerland. The precondition for the deployment was the admission of SBEX SA as a financial intermediate within the Self-Regulatory Organization “Association Romande des Intermédiaires Financiers”.

SBEX and BitAccess have been actively collaborating since several months on the BitAccess ATM prototypes. The first permanent Bitcoin ATM was installed in Geneva earlier this year in a local restaurant where Geneva Bitcoin enthusiasts are also gathering. Since its first deployment, the BitAccess ATM in Geneva has attracted a lot of attention in the financial industry. It was also showcased several times at the Geneva Internet Platform hosted within the United Nations premises.

Moe Adham, co-founder at BitAccess Inc.:“This partnership is a key milestone for BitAccess. Building our presence in the heart of Europe was crucial in order to continue the deployment of our ATMs more closely to our customers. Switzerland is an important choice for the proximity with all major financial and international institutions.”

The announcement follows the admission of SBEX SA as a financial intermediate within the Self-Regulatory Organization (SRO), Association Romande des Intermédiaires Financiers (ARIF). Prior to this admission, SBEX SA has mandated KPMG for its financial and anti-money laundering auditing. The admission process has been submitted by the ARIF to the Swiss financial regulator FINMA that has confirmed the need for Bitcoin brokerage activities to respect AML regulations and undergo registration with a SRO. The FINMA also recognizes crypto-currencies such as Bitcoin as valid means of payment. Furthermore, this implies companies accepting deposits in crypto-currencies from their clients should apply for a banking license in full analogy with fiat currencies.

Alexis Roussel, CEO at SBEX SA: “This acknowledgment from the Swiss regulator FINMA opens fantastic opportunities for crypto-currencies in Switzerland. It creates a stable environment where it is clear what can or can’t be made. The whole team is excited by this news!”

SBEX SA is a Swiss based crypto-currency broker. It is developing several financial services around crypto-currencies with its partner DigiThink SA, a Bitcoin specialized consulting company. Founded in February 2014, SBEX SA is part of the DigiCapital Holding headquartered in Neuchâtel, Switzerland.

BitAccess Inc. produces the world’s leading Bitcoin Automatic Teller Machine (BTM). Its machines allow anyone to deposit cash and instantly receive a digital wallet containing the equivalent in the Bitcoin cryptocurrency, or do the reverse and exchange Bitcoin for traditional currency. Currently, BitAccess already has installed Bitcoin ATMs in half a dozen countries, with dozens more launching in the next few months. Founded in November 2013, BitAccess is a privately held company headquartered in Ottawa, Ontario, Canada.

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