According to CEO Franz Bergmüller, Amina, a Swiss-based crypto bank, is in the process of submitting an application for a Virtual Asset Services Provider (VASP) license to the Austrian Financial Market Authority.
Bergmüller specified in a Finews interview that the bank must establish a new team prior to operating or generating revenue in Austria. The interview was published on Tuesday.
Amina’s endeavors to acquire a license are consistent with the recent implementation of Europe’s Markets in Crypto-Assets (MiCA) regulation in June. It represents the EU’s initial endeavor to harmonize crypto-asset regulation among its member states. Its objective is to address the absence of specific financial regulations for crypto-assets by offering clear guidelines for industry service providers and issuers.
MiCA mandates that crypto-asset service providers and issuers adhere to a variety of regulatory standards. Management of tokens that are asset-referenced, such as electronic money tokens and stablecoins, is particularly relevant in this context. In order to operate legally within the EU, it is imperative to adhere to these standards.
Amina intends to broaden its geographic scope by establishing a presence in Europe. The CEO stated, “Our objective is to establish ourselves as the premier bank for the entire crypto ecosystem, which encompasses miners, foundations, and crypto funds.”
The executive emphasized the substantial demand for crypto-backed loans and disclosed that Amina maintains a waiting list of crypto businesses that are in search of traditional bank accounts. Nevertheless, the substantial fees have deterred a significant number of individuals.
He observed that Amina’s consumers are “completely convinced” of the benefits of cryptocurrencies. According to the executive, they maintain their investments for the long term, regardless of substantial price fluctuations.
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