Payment Service Requirements in Switzerland. DIEM Currency

21 June 2021

Payment Services are part of Swiss mandate law within general civil code (therefore, regulation on contractual base). Primarily general regulations concerning the service providers’ due diligence obligations.

Diem Currency

✓ Planned to be issued by Diem Association (registered seat formerly in Switzerland, now in the USA) in 2021
(Representation of a currency basket of EUR, GBP, USD, SGD, JPY)

✓ Founded by Facebook, Spotify, Lyft, Uber, Coinbase and Kiva

✓ Planned to function as a stablecoin while not qualifying as a cryptocurrency

Still uncertain whether Diem Association would qualify as a Bank. Examination procedure concerning the legal nature of the Diem Token dropped in Switzerland due to transfer of registered seat.

We would be happy to assist you with your next financial services project. Our lawyers will advise you on preparing the necessary documents for submission to the bank and the regulatory authority.

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