Bitcoin Suisse joins race to win banking license

it's been announced that Bitcoin Swiss has applied for a banking license here in Switzerland it follows similar applications from Seba and Signum neither of them though have so part far being given the go-ahead which means it's still wide open as to which crypto firm will be granted the first banking license I'm very pleased to welcome now Nicolas Nicolas on who is chairman of Bitcoin Swiss you are one of a few companies to request a banking license is it a race to see who gets the first one well I wouldn't call it a race I think we are one adapting to the fact that the regulatory landscape for crypto assets are changing services that we want to provide or already do provide may fall under or will fall under securities or banking law and that might be a little bit of a race of it we've been in this race in our view since 2013 when we started and now we are in the end race so why have you decided to apply for a banking license now actually we didn't do it now we did it a little while ago but we announced it today we did why did we announce it today well it's always prudent to to let the fact singing with our immediate regulators before we go and talk to to the press and to the public we decided to have time for a banking license quite a while ago but a bank license is not an easy thing to submit it has to go through auditing it has to come with a working business it has to come with a lot of capital so it's really been a six or seven year venture to submit the banking licence which we did recently okay so but I'm still want to know why you're announcing this now is that do you perhaps know the outcome yet well we are announcing it so that there's no doubt in the mind of our clients that we are pursuing a regulated track this has been unclear until recently and we wouldn't let's say leave the scene to other companies to to champion being the only let's say companies pursuing such a track and what is your strategy here is being a bank your ultimate goal bitcoins with there is quite a lot of the things that we do we can do much more effectively with a banking license and securities dealer license holding deposits would be one that's very very capital intensive force to do we have to back every deposit with an equal sized banking guarantee not having a banking license also many tokens that we deal with are now beginning to be viewed upon as securities and there you need to be a securities dealer so we are just adapting to what we must in order to provide the services that we want to provide so what's your time frame then when do you think or when do you hope to get this license by well when when the regulator's has has has found that the application is fulfilling then we will get a license so the question is really directed at them I am quite confident that that we will get it in due time but some of your competitors if we can call them that we're hoping to have heard already by last month whether or not they've been granted a license and they still haven't what do you think is holding fin mah up on this I think we have to to to realize that this is a complicated topic also from the side of the regulators there's things that will have to be put into practice for the first time ever I mean what are the capital requirements for holding crypto deposits should the deposits be segregated and unsegregated all of these things needs to be defined and that takes time but some people have already celebrated the fact that they're going to be granted a banking license do you have any parties planned if I can push you on a potential date we would be very happy to celebrate when we get the license but we are not known for celebrating ahead of time isn't going to be 2019 or 2020 do you think we'll just have to wait and see I'm sorry what happens if you don't get the go-ahead I mean that would be very surprising to us we already have a working business with a long track record we have the capital we have all of the processes and documentation in place that you would normally expect for bank to have so that would be very surprising for us if we were not found to be worthy of the bank license that would certainly be a big blow for us but we would really not expect that to happen okay Nicolas Nicolas and thank you very much indeed for joining us thank you

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