Moving Media GmbH, the owner of the Payment21, has become the first Bitcoin (Bitcoin) firm in Switzerland directly supervised by the Swiss Financial Market Supervisory Authority (FINMA) for compliance with Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) rules, Calvinayre.com reports.
After over one year of substantial effort and investment, the brand has recently been licensed as a Directly Subordinated Financial Intermediary (DSFI).
Moving Media GmbH’s Managing Director Bernhard Kaufmann said, “We are committed to meeting the legal requirements of the Swiss financial marketplace. Our handling of compliance issues enriches the digital currency ecosystem, and demonstrates that Swiss regulators embrace competitiveness in financial services, and truly encourage Fintech innovation in the digital era.”
The Swiss-based payment gateway operates as a regulated financial intermediary offering AML-compliant Bitcoin processing services.
According to Kaufmann, “Government licensing is crucial when establishing a payments business. Official approval in a leading European financial center like Switzerland is a key differentiator in the competitive landscape.”
Payment21’s award-winning Bitcoin cashier system provides collection and exchange services to e-commerce merchants, multinational corporations, and financial intermediaries around the globe. In addition to offering gateway services, the technology firm operates an exchange office enabling Payment21 to broker Bitcoin by exchanging digital money into legal tender.