Swiss fintech regulatory body FINMA has published a press release which allows up to $100 million worth of public funds to be licensed to crypto and blockchain firms, marrying the Swiss reputations for public investment as well as crypto innovation.
The press release contains guidelines for application to a license with ‘relaxed requirements’ which allows the same level of public investment as can be issued to banking firms, an industry that Switzerland is already well known for. The new guidelines in fact are enabled by a recent expansion of the types of monetary and financial institutions which are allowed to receive public funding.
Clearly, the Swiss government is turning its public sector efforts towards crypto and blockchain, already a vibrant industry in Switzerland’s ‘Crypto Valley.’
The guidelines contain the normal anti-money laundering, some specific business disclosures, and a number of strict regulatory requirements in order to qualify which will likely have a large normative effect on blockchain firms in the country, given the large potential payout. The cumulative effects of FINMA’s guidelines and the already prevalent self-regulation norms enforced by the Swiss blockchain community should create a meaningful blockchain public-private partnership in the region.