Swiss Watchdog Greenlights Crypto Usage for Local Banks
Main page News, Banking, Crypto Market, Cryptocurrency, Regulations
Hot topic
June 2, 2020
126 126

A one-stop business-to-business Swiss transaction bank InCore Bank announced it has received a permission from the Swiss Financial Market Supervisory Authority (FINMA) to trade, hold, transfer and generate (tokenize) digital assets.

As a result, InCore Bank has become the first Switzerland-based bank to offer financial service providers and institutions worldwide.

Zug Authorities Against Saving Crypto Valley

InCore Bank CEO Mark Dambacher says the bank's clients benefit from the expansion into this new asset class at a stroke, without the need to invest in infrastructure and new processes themselves.

"This while maintaining our customary safety standards. This is how we bridge to traditional asset classes," Dambacher added.

InCore Bank will reportedly expand the brokerage, custody and transfer services to security tokens in a next step. By using the Security Token Services from InCore Bank, companies will be able to manage their securities more easily and cost-effectively and raise new capital.

In April, the Capital Markets and Technology Association (CMTA) of Switzerland presented new standards for the custody and management of digital assets.

Swiss Regulator Grants Two Crypto Firms with Banking License

Earlier iHodl reported that the Switzerland-based licensed digital bank Sygnum Bank added support for ripple XRP for custody, trading and credit services on its banking platform.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error