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Swiss Crypto Bank Amina Set to Secure Austrian VASP License
Reinout te Brake | 10 Sep 2024 18:38 UTC
Swiss-based crypto bank Amina is making strides in the financial sector by applying for a Virtual Asset Services Provider (VASP) license with the Austrian Financial Market Authority, according to CEO Franz Bergmüller. In a recent Finews interview, Bergmüller revealed that the bank is in the process of assembling a new team to kickstart operations in Austria. Despite nearing break-even, Amina is prioritizing growth investments before generating revenue.
Amina’s License Quest Tied to EU’s MiCA Regulation
The endeavor to secure a license aligns with the recent implementation of Europe's Markets in crypto-Assets (MiCA) regulation in June. This regulation signifies the EU's first step towards standardizing crypto-asset regulations across member states. By setting clear guidelines for crypto-asset issuers and service providers, MiCA aims to address the absence of specific financial rules for digital assets.
Compliance with MiCA is essential for crypto-asset service providers and issuers, especially those managing assets like stablecoins and electronic money tokens. Meeting regulatory standards is crucial for lawful operation within the EU, facilitating a level playing field in the crypto ecosystem.
Amina to Expand in Europe, CEO Highlights Demand for crypto-Backed Loans
Amina is looking to broaden its geographical reach by expanding across Europe, with a strategic focus on becoming a key player in the crypto ecosystem. The CEO expressed the bank's ambition to cater to miners, foundations, and crypto funds, aiming to solidify its position in the market.
The increasing demand for crypto-backed loans has caught Amina's attention, prompting the bank to explore opportunities in this sector. With a waiting list of crypto startups seeking traditional bank accounts, Amina aims to streamline the process and reduce associated fees to encourage more businesses to join the crypto economy.
The CEO emphasized the unwavering commitment of Amina's clients to cryptocurrencies, noting their long-term investment approach despite market fluctuations. These clients, seasoned in the crypto space for over a decade, exhibit resilience and confidence in their investment decisions, navigating through various market cycles with composure.