Monthly Archives: July 2017

New banking ordinance

On 1 August 2017 the new version of the Banking Ordinance  entered in force. 
The new Ordinance is aimed at reducing the barriers that restrict market access for fintech companies, like Bitmaxs BitIncubator & Ventures SA with the following two measures:

1. Entity may accept deposits from the public without any restrictions if the assets are used within 60 days for the execution of the transaction requested by the customer (buying bitcoins);
2. If the transaction is not completed within 60 days, the entity can always accept assets up to CHF 1 million, provided depositors are informed that the entity is not monitored by FINMA and is not subject to the deposit guarantee.
This conditions are indicated in our Terms & Conditions.
Bitmax can therefore legally accept your assets if you use it within 60 days or up to CHF 1 Mil (in total). This thresholds are verified by our team and we will contact you if they are exceed.

Specialized in financial institutions

Offering ad hoc OTC agreement, a prefered point of contact and procedures compliant with the internal rules of the financial institution Bitmax is perfect for companies willing to offer Investment in cryptocurrencies to their clients.

 

Bitmax is Aware of the necessity for financial institutions to act with a counterpart that is compliant with the financial legislation and  is therefore subject to the Swiss Anti-Money Laudering Act , is registered as Model 2 Reporting FFI and compliant with the Automatic Exchange of Information.

 

Moreover, bitmax is seeking to obtain in the middle term an authorization from the Swiss Financial Supervision Authority FINMA to become the first authorized blockchain based securities stock exchange.

 

Further readings:

 

Automatic exchange of information – admin.chwww.sif.admin.ch

Cross-border tax evasion should be prevented with the help of the new global standard for the automatic exchange of information (AEOI). The standard makes provision …

 

Federal Act on Combating Money Laundering and Terrorist …www.admin.ch

Start; Federal law; Classified compilation; Internal laws; 955.0 Federal Act of 10 October 1997 on Combating Money Laundering and Terrorist Financing in the Financial …

 

FATCA agreement – Startseitewww.sif.admin.ch

With the enactment of the Foreign Account Tax Compliance Act (FATCA), the United States wishes to ensure that all accounts held abroad by US taxpayers can actually be …