Switzerland: regulators prevent Bitcoin ATM launch

Monday 9 June 2014 08:54 CET | News

Bitcoin Suisse AG, a Switzerland-based digital finance broker and bitcoin ATM operator, has announced that the Swiss Financial Market Supervisory Authority banned the company’s launch of a new Bitcoin ATM in Zurich, cites.

As such, Bitcoin Swisse has cancelled the planned launch of the Zurich-based unit, as well as the other planned Bitcoin ATM launches and has halted services for its existing ATMs. The company expects to have its units online before the end of June 2014, the source reports.

Notably, the Lamassu ATM installed by Bitcoin Suisse AG for Bitcoin Boulevard in the Netherlands will not be affected, as the company reports it has since sold its ownership of the device.

In May 2014, a government report concluded that it would be illegal for Switzerland-based Bitcoin companies to pay workers in the digital currency. However, it did suggest that bonuses and other forms of Bitcoin compensation would not violate current regulations.

Nevertheless, the Swiss Parliament is considering treating Bitcoin as a foreign currency. Luzius Meisser, the Bitcoin Association Switzerland president, has stated that this proposal has since been sent to a federal council after passing a preliminary vote, and that the results, he thinks, could reopen Bitcoin ATM services in the country.

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Keywords: Switzerland, regulators, Bitcoin, ATM, digital currency, crypto-currency, online payments, Lamassu
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce