Virtual currency wallets often face the legal question of whether they have to operate as a bank or not. Well, not in Switzerland.

Xapo, a bitcoin wallet provider, announced that it has received “conditional approval” from the Swiss financial market watchdog to operate in the country.

“After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland,” Xapo founder and CEO Wences Casares said in a blog post.

The approval hinges on several factors, including the company participating in a self-regulatory organization, among other things. Xapo, however, no longer needs to secure a banking license because FINMA has designated the bitcoin wallet as a “financial intermediary,” according to a Reuters report.