You can see the rules and regulations in other jurisdictions.
FINMA only requires a license for payment systems if they are deemed necessary for the proper functioning of the financial market or to protect financial market participants. Payment systems not operated by banks do not need a licence. Generally, payment systems are not considered relevant and can operate without a license; however, FINMA deemed Facebook's now abandoned Libra (later Diem) project a relevant system requiring a license. In order to obtain a FINMA payment system license, certain conditions must be met; for example, the applicant must be a Swiss legal entity with a registered office and headquarters in Switzerland, provide a guarantee of irreproachable business conduct, pay in the minimum capital of the applicant, and possess appropriate IT systems.1
Switzerland, excluded from the European Economic Area, opted against adopting the second EU Payment Services Directive. This resulted in a lack of harmony between interfaces and no requirement for Swiss banks to offer general access to accounts by third-party payment service providers. Despite that, Swiss Fintech Innovations - predominantly financed by banks and insurance companies - published a common API standard. With a great number of banking services which traverse international borders, it is expected that numerous banks will soon provide open access to account interfaces if requested by customers.1
Cryptocurrencies in Switzerland
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