ECUREX GmbH, a Zurich, Switzerland-based digital finance marketplace for traders and financial institutions, has become the first digital currency exchange platform to be fully compliant with the Swiss Banking Act. The ECUREX trading system is not yet operating, but the team announced that this is its next objective. The team has scheduled the system’s first release.
The company reported the Swiss Financial Market Supervisory Authority (FINMA) has released an opinion letter stating that ECUREX’s business model is compliant with the Swiss Banking Act. FINMA released the letter following 16 months of investigation, ECUREX noted.
“Switzerland probably has the most challenging regulatory environment for such a business and we are thrilled to be the first with a business model that allows us to operate here,” said Paolo Tasca, CEO of ECUREX. “We think a stable regulatory environment is not only beneficial for us in the long-term, but also for our customers.”
ECUREX has also been the first digital currency exchange platform to be compliant with the Swiss Anti-Money Laundering Act since April 2014, the company noted.
Regulation of digital currency exchanges in Switzerland is stricter than in other countries because it considers digital currencies equivalent to any other foreign currency. The professional operation of bitcoin trading platforms constitutes financial intermediation with the requirement to comply with both the Banking Act and the Anti-Money Laundering Act.
ECUREX uses a multi-level platform to provide users security and control over their own deposits throughout the trading cycle.