Swiss Bank Obtained Regulatory Greenlight to Support Crypto Transactions

By Warren Hayes | May 31, 2020

The Swiss Financial Market Supervisory Authority (FINMA) has reportedly granted regulatory greenlight to InCore bank to carry out crypto assets transactions. 

Specifically, the new initiative will reportedly enable clients all across the globe to conduct transactions and use banking services. This is reportedly recognized as a crucial stage in establishing a blockchain-friendly environment throughout the banking industry in Europe. 

InCore bank has reportedly been recognized as the first B2B bank from Switzerland to obtain operating license for functioning in the crypto space. 

The company now reportedly offer facilitating support for trading, holding and transferring crypto assets to institutional clients. FINMA has reportedly also authorized the bank to build its tokenization capabilities.

“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.” Mark Dambacher, head of InCore Bank, shared his remarks regarding the development. 

The bank has previously forged alliances with Inacta AG, an independent Swiss-headquartered IT company, to offer data and crypto-assets management.

Executives members of the firm reportedly further revealed that the bank has expansion plans for its blockchains strategy in the future, to roll out brokerage, custody, and transfer features for security tokens.

Tags: , ,

Related Articles