Swiss-based cryptocurrency broker SBEX SA is on the cusp of increasing its ATM stock in Switzerland tenfold in a partnership with Canadian manufacturer BitAccess.
SBEX’s first installation in a Geneva restaurant proved so popular that ten more are now being shipped to the country, with the promise that these are only “the first round” to be ordered.
“This partnership is a key milestone for BitAccess. Building our presence in the heart of Europe was crucial in order to continue the deployment of our ATMs more closely to our customers. Switzerland is an important choice for the proximity with all major financial and international institutions.”
Strategic it may be, and Switzerland, despite being the traditional banking Mecca, is proving not to be the staunch fiat supporter the community would have expected. In May, it was one of 47 nations to agree on a pact
to “crack down on tax evasion,” essentially putting an end to the mythical status of the Swiss bank account.
While any official legislation has yet to be passed, the climate is ripe for a Bitcoin assault, and SBEX intends to capture the public’s attention with its installations. The Swiss financial regulator FINMA furthermore recently “confirmed the need for Bitcoin brokerage activities to respect AML regulations and undergo registration with a SRO,” the joint press release mentions, paving the way for clear-cut legislation to facilitate SBEX’s expansion plans.
“This acknowledgment from the Swiss regulator FINMA opens fantastic opportunities for crypto-currencies in Switzerland. It creates a stable environment where it is clear what can or can’t be made,” Alexis Roussel, CEO of SBEX commented, adding that “The whole team is excited by this news!”
The momentum in the space is tangible, especially given that SBEX only commenced operations in February this year, while supplier BitAccess was formed in November 2013 and since has produced ATMs operating in half a dozen countries.
Now the partnership is delivering Canadian-designed two-way ATMs to central Europe at a rate which may well see Switzerland become the most Bitcoin-accessible country in the EU for consumers on the ground.