Swiss Regulators Green Light Crypto Transactions for Local Bank

The Swiss Financial Market Supervisory Authority, or FINMA, has authorized InCore bank to carry out digital assets transactions, allowing customers worldwide to access and transact within the bank.

The official announcement represents an important step in creating a blockchain-friendly environment across the EU banking sector. InCore bank becomes the first Swiss business-to-business bank approved to operate within the crypto sphere.

The firm now allows the institutional clients to trade, hold, and transfer digital assets. FINMA has also allowed the bank to develop its tokenization capabilities.

Partnership with IT crypto-assets consulting firm

Speaking with Finews.ch, Mark Dambacher, CEO of InCore Bank, praised the announcement and commented:

“Our customers benefit in one fell swoop from the expansion to the new asset class without having to invest in infrastructure and new processes themselves. And this while maintaining the usual security standards and how we build the bridge to traditional asset classes.”

The bank already partnered with Inacta AG, an independent Swiss-based IT consulting firm, to provide information and crypto-assets management.

InCore Bank’s new digital assets’ transaction client is Maerki Bauman & CO. Local media considers InCore Bank to be one of the most well-qualified banks in the sector.

Plans to boost blockchain adoption within the banking sector

Company executives said the bank plans to expand its blockchain strategy in the coming months. It also plans to include brokerage, custody, and transfer services to security tokens.

Cointelegraph reported on a warning issued by FINMA about Switzerland’s risk of leveraging money laundering by using the blockchain technology.

However, on February 7, the Swiss regulatory watchdog passed an anti-money laundering provision. The threshold for unidentified crypto exchange transactions was lowered from 5,000 CHF to 1,000 CHF (around $ 1,020).