Companies that offer Bitcoins through electronic wallets often face difficulties when it comes to legalities. It is a matter of their identity and operability. Should they consider themselves a bank or some other private organization in various countries? Well, this issue has been settled in Switzerland for the time. Xapo, the bitcoin wallet providing service based in Switzerland, has been provided approval for operating from the country. The approval is, however, based on a few conditions.

First and foremost, the company will reportedly have to consider certain terms which are unspecified as of now. It will also have to work as an organization with self-regulatory operations. However, Xapo will not require a banking license to operate. For now, sources note the company as a financial negotiator.

According to reports, Xapo's demands are helping it avoid taking warranties. Besides that, the company also stated that it will not offer its services to American customers. Sources note that the United States of America still doesn't want to bring out the best of bitcoins in the region due to their legal uncertainty. For the time being, the country accepts bitcoin only as a commodity and not an actual currency as per regulations by the Commodity Futures Trading Commission. It is still not known if bitcoin wallets will be considered more than a product.

However, reports do note that the approval for bitcoin wallets has been processed through regulations from Switzerland itself. The country has been playing an important part as a financial community for many years. By the looks of it, Switzerland wants bitcoin wallets to be a legal financial operation for its public sectors as well.

This might be an achievement for the country which has opened new ways of dealing with money for business or personal values. It also gives various countries an opportunity to use Switzerland as a home base for bitcoin transactions where this cryptographic currency is accepted. We are not sure whether bitcoins are going to be legalized or not, but we do know that an example set by Swiss town is a big step towards the road to digital currency.