Become a Payment Service Provider (PSP) in Switzerland
Payment processing not only in FIAT but also in cryptocurrencies is becoming increasingly important. In order to offer payment solutions to clients, many jurisdictions require licences e.g. as Electronic Money Institutions (EMI), whereas Switzerland knows a pragmatic "self regulation system" with a short go-to-market time.
SROs
In Switzerland, professional financial intermediaries must join a Self-Regulatory Organisation (SRO) recognised by FINMA in accordance with the Anti-Money Laundering Act (AMLA). Such SRO association require a fully-fledged AML framework which will regularly be audited by the SRO. Once the business is established, maintenance costs and efforts depend on the particular business case but are generally lower compared to institutions in the EU.
Services SRO Members may offer
As a member of an SRO, it is possible to process payments for customers, e.g. merchants. In addition, the custody of cryptocurrencies, the exchange of cryptocurrencies into FIAT and vice versa is also possible, as long as certain conditions are met when dealing with cryptocurrencies. This requires a thorough legal and regulatory assessment of any business plans before becoming operational.
How Allegra LAW can support
Allegra LAW has broad experience in advising payment services provider from a legal and regulatory perspective as well as in representing clients vis-a-vis SROs and other competent authorities.
For more information about the future of payments & settlements networks in Switzerland, have a look at an interview with us which was published in the CVA Reseach Journal 2024 (page 154):
Your Contact Persons
Ricardo Schlatter
Attorney at Law* | LLM
Christian Sachs
Attorney at Law**
Disclaimer
This article is not intended to serve as legal advice. It reflects the authors' general opinions as of the publication date, without consideration of specific facts or situations. Any liability for the accuracy, correctness, completeness, or fairness of the article's content is expressly disclaimed.
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* admitted to the bar of the Canton of Zurich
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** admitted to the bar in Germany and registered in the list of attorneys (art. 28 BGFA) of the Canton of Zurich