Swiss regulator issues factsheet on virtual currencies

The Swiss financial regulator has released a factsheet on cryptocurrencies, reminding market participants that even though Switzerland does not regulate the buying and selling of virtual currencies, other rules may apply.

The Swiss Financial Markets Supervisory Authority (FINMA) told market players that intend to operate a blockchain-based business in Switzerland that they must first find out whether any licensing requirements apply under financial market law.

In its factsheet, FINMA said that Switzerland has no regulation on the buying and selling of cryptocurrencies or their use to pay for goods and services.

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