In a recently published guide titled “how consumers can protect themselves from financial market actors that operate without permit”, the Swiss financial market authorities commented on Bitcoin. Generally, it does not contain any surprises. They see risks for consumers in its irreversibility, anonymity and volatility – which are valid concerns. They also note that money laundering laws and banking laws might apply when running a business such as a Bitcoin exchange. This is in line with our view that Bitcoin should be treated like other currencies.
One could criticize their focus on risks alone – neglecting potential advantages of the mentioned properties and Bitcoin in general. But that’s their mission. Regulatory agencies are created to mitigate risks – and not to identify opportunities.