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SBEX logo.

SBEX logo.

Regulators in Switzerland have approved a plan by bitcoin ATM operator SBEX SA to launch their planned network of machines across the country. Earlier this month, the Swiss Financial Market Supervisory Authority (FINMA) halted plans by another bitcoin startup, Bitcoin Suisse AG, pending a legal review. With the regulatory issues seemingly resolved, SBEX can now expand its current operation from a single ATM in Geneva to 10 BitAccess-made ATMs in locations throughout the country.

SBEX’s plan was approved following its acceptance into the FINMA’s self-regulatory body, the Association Romande des Intermédiaires Financiers. SBEX recently applied for a money transmitter license, and claims to meet all requirements for financial and anti-money laundering auditing.

According to SBEX CEO Alexis Roussel, the FINMA approval is more than just a step forward for his company, it’s also a major step forward for digital currencies in the region. “This acknowledgment from the Swiss regulator FINMA opens fantastic opportunities for crypto-currencies in Switzerland,” he said in the press release. “It creates a stable environment where it is clear what can or can’t be made. The whole team is excited by this news!”

Bitcoin Suisse’s application is still pending, but is also expected to receive FINMA approval in coming weeks.

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