SAN FRANCISCO, Oct. 12, 2015 /PRNewswire/ -- SnapSwap International S.A. announced today that the company has been granted a license to provide services as a regulated payment institution by the Minister of Finance of the Grand Duchy of Luxembourg. The license allows SnapSwap to offer payments, remittances, and currency exchange services utilizing modern cryptographic technologies, crypto-currencies and internet protocols, such as blockchain and open ledger consensus.
SnapSwap will start its operations for the European Union out of Luxembourg in January 2016 under the regulatory supervision of the Commission de Surveillance du Secteur Financier (CSSF) as a payment institution pursuant to the Law of 10 November 2009 on payment services, on the activity of electronic money institution and settlement finality in payment and securities settlement systems.
SnapSwap, when operational in early 2016, will hold payment accounts and provide services to individuals, companies, and financial institutions within the European Union and worldwide. The company can process payment instruments on distributed payment networks, allowing faster, less expensive, and more accessible payments.
"Our mission is to build innovative financial products that allow consumers and businesses to participate in the global economy by bringing down barriers such as cost, complexity, and processing delays. We are employing the cutting-edge technologies of the emerging Internet of Value to foster financial inclusion and efficiency," said Denis Kiselev, SnapSwapfounder and CEO.
"We believe this is the first step of the creation of a cryptoprotocols ecosystem that will develop within an established structure of financial regulation and supervision", Kiselev added.
SnapSwap's team of engineers and financial specialists builds products and services based on innovative payment and settlement technologies. Founded by Denis Kiselev in 2012 in the US, the SnapSwap established international headquarters in Luxembourg in 2015. Establishing a regulated payment institution in a major hub of international finance and communication technology allows SnapSwap to implement the highest standards of compliance and transparency. Its mission is to connect people and businesses by making payment innovations easily accessible worldwide.
SnapSwap was advised in the licensing process by Schiltz & Schiltz, avocats a la Cour, a boutique law firm established in Luxembourg with a special focus on FinTech.