Swiss Watchdog Greenlights Crypto Usage for Local Banks
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2 June
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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.

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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.

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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.

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