After a year of intensive examination of the business model, its compliance with the anti-money laundering act and the know-your-customer rules, the Swiss financial market supervisory authority has granted the company the license to the financial intermediary directly subordinated to the authority for crypto payments and transactions.
As such, it accepts capital from investors, it passes on to entrepreneurs and facilitates trade between them. Moving Media GmbH, owner of Payment21, was originally part of the Association Romande of the Intermédiares, Geneva, a self-governing organization under Swiss law. With the new licenses, the company is now able to offer compliant Bitcoin transactions with the Anti-Money Laundering Act, as the company announced on its blog.
The company was originally active in online marketing and software development for e-commerce. One specialized mainly in the management of websites and on the international sale of products. In 2002 Moving Media GmbH was transformed by the founders into a company specializing in alternative payment methods on the Internet.
The Payment21 bitcoin cashier system provides financial services to e-commerce traders, multinational corporations and financial intermediaries worldwide. In addition to the gateway services, the company also offers a switch service that allows digital money to be exchanged for legal cash.
Managing Director Bernhard Kaufmann regards the license as essential. An official approval in a leading European financial center such as Switzerland is a “key distinguishing feature in the competitive landscape.” Due to this distinction, Payment21 secures a privileged position in a highly competitive sector.
With the granting of the license, Switzerland secures an important position in the financial sector on the other hand. While countries such as Brazil, Venezuela or Zimbabwe still seem to be opposed to developments, our neutral neighbor recognizes and exploits the opportunities offered by the financial market. The regulation also makes the country attractive to other crypto companies.
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