Crypto Finance Group, the leading company on financial services, brokerage and storage solutions, announced on February 1 that the Swiss Financial Market Supervisory Authority (FINMA) has issued a securities house license to its brokerage subsidiary, Crypto Broker AG.
The license given to Crypto Broker AG will lead to their production of new products, services, and features of the trading platform. This will allow them to meet the prudential regulatory oversight requirements.
Moreover, it will also be helpful in the group’s plans of extending their business to the digital asset space. This is because customers will put their trust in an expert and licensed institution as demand accelerates.
‘We’ve been waiting a long time for this license. I expect to be on the phone solidly for the next five days,’ said CEO Rupertus Rothenhaeuser.
He also stated that some of their customer banks have strict orders only to trade with regulated partners, making it the ideal time to start trading.
There are only select crypto firms that received a license from FINMA. Therefore, it will be a big boost for the group since they are based in Switzerland where regulations are in accordance to the crypto infrastructure.
Crypto Broker AG is included in the conglomerate of digital assets that consist of asset management and custody services. According to Rothenhaeuser, the license gives a wider scope of their market, as well as enhance their compliance, risk monitoring, liquidity reporting, among others.
‘Getting the securities house licence 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 licence also recognises our team’s dedication and expertise,’ said Jan Brzezek, founder and CEO of the Crypto Finance Group.
This promising feat completes the successful year of 2020 for this group, with the brokerage trading over USD 1 billion in assets. Crypto Broker AG was able to raise €13.3 million that expanded their blockchain services.
Due to a team based in Crypto Valley in Zug, their premium financial services contributed to the funding raised by the startup.
Considering that they are now a licensed broker, Crypto Broker AG is now allowed to hold funds in fiat money for their clients. This lessens the hassle in transactions regarding payments and processing.
When asked in an interview if there are already bigshot suitors to their firm now that they are licensed, Rothenhaeuser did not disclose any detail but hinted that there might be some big names to be announced in the coming days.
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