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The Swiss regulator for the first time ...

Swiss regulator first approves turnover with cryptocurrencies at the bank level
CONTENT

  • The Swiss bank received the go-ahead for operations with cryptocurrency

  • Experts see this as an encouraging step for the industry.

  • Crypto Industry Strengthens Its Position in Switzerland

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The Swiss Financial Markets Authority (FINMA) has allowed InCore to participate in digital asset transactions, recently announced by the bank.

The Swiss regulator for the first time ...

Operations with cryptocurrencies

Swiss regulators continue to open up crypto banking services to customers. For example, FINMA recently allowed the Swiss bank InCore to conclude cryptocurrency transactions with clients..

Notably, InCore became the first Swiss bank in the B2B segment to be authorized by FINMA to conduct a digital currency business. This is undoubtedly an encouraging step towards the creation of a blockchain-based banking system throughout the banking space of the European Union..

InCore can now allow institutional clients to buy, sell and hold cryptoassets, which is expected to further boost interest in the new asset class. It is worth noting that InCore has already partnered with the Swiss consulting company Inacta AG to provide digital asset management services..

Mark Dambacher, CEO of InCore, commented on the news:

“Our clients will benefit from expanding to a new asset class without investing in infrastructure and new processes. And all while maintaining customary security standards and linkages with traditional asset classes. “.

The bank executives noted that FINMA’s approval is a huge step towards the development of crypto-banking services in the region and that InCore plans to expand DLT technology. Distributed Ledger Technology (DLT) is an electronic database system distributed across multiple networked nodes or … More) in the coming months. The bank is considering the possibility of adding brokerage, custody and transfer services to tokens.

Crypto Industry Strengthens Its Position in Switzerland

The Swiss regulator for the first time ...

It can be said without exaggeration that Swiss banks are the European leaders in the adoption of cryptoassets..

This year, Julius Bar, the third largest privately-owned bank in Switzerland, expanded its digital asset portfolio to Swiss clients. Similarly, in March 2020, Sygnum AG Bank launched stablecoins – stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More, pegged to the Swiss franc to simplify the process of investing in digital assets.

Switzerland is known for its loyalty and interest in the development of blockchain technologies, and the Swiss city of Zug claims to be the European capital of the blockchain. However, earlier the BeInCrypto editorial staff reported that Switzerland refused to provide financial support to cryptocurrency companies, thereby putting many of them on the brink of survival..

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