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FINMA Reduces Response Time for Fintech Authorisation Enquiries
- FINMA has improved efficiency in handling authorisation enquiries related to DLT and blockchain.
- They average time to respond has been reduced from 141 days to 25 days, an 82% decrease over three years.
- Despite increasing complexity, FINMA's experience in the field has helped reduce processing times.
- Procedural changes and an electronic survey platform have been introduced to streamline authorisation enquiries.
- A quick guide for the electronic submission process is available on FINMA's website.
- FINMA differentiates between DLT and blockchain authorisation enquiries and fintech license applications.
- For fintech license applications, a preliminary enquiry is recommended for a more efficient assessment.
- This allows FINMA to provide valuable feedback on licensing obstacles or important issues.
- Authorisation enquiries can now be submitted through an electronic survey platform.
- FINMA has reduced the average processing time from 141 days to 25 days.
- There are around 100 DLT and blockchain related enquiries received annually by FINMA.
- The improved efficiency is attributed to both experience in the field and procedural changes.
- FINMA recommends preliminary enquiries for fintech license applications to assess them more efficiently.
- By submitting a preliminary enquiry, project initiators receive regulatory assessment feedback.
- The initiative aims to provide valuable feedback on obstacles to licensing or other critical issues.
- FINMA's quick guide for electronic submission of enquiries is accessible on its website.
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