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Swiss regulators give green light to cryptocurrency transactions for a local bank

May 31, 2020

The Swiss Financial Market Authority (FINMA) has authorized InCore Bank to make digital assets so customers around the world can access the bank and perform transactions within the bank.

The official announcement is an important step in creating a favorable environment for blockchain across the EU banking sector. InCore Bank is the first Swiss business-to-business bank to be approved for cryptocurrency operations.

The company now enables institutional customers to trade, hold and transfer digital assets.. FINMA has also enabled the bank to develop its tokenization functions.

Partnership with the crypto asset consulting company IT

Swiss regulators give green light to cryptocurrency transactions for a local bankSwiss regulators give green light to cryptocurrency transactions for a local bank

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

“Our customers benefit from growing expansion into 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 bridges to traditional asset classes. “

The bank has already partnered with Inacta AG, an independent IT consultancy based in Switzerland, to provide information and management of crypto assets.

Maerki Bauman CO is the new customer of InCore Bank for transactions with digital assets. InCore Bank is recognized by the local media as one of the top rated banks in the industry.

Plans to promote blockchain adoption in the banking sector

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

Cointelegraph reported a warning from FINMA about Switzerland’s risk of using money laundering using blockchain technology.

On February 7th, however The Swiss regulator has adopted a provision against money laundering. The threshold for unidentified cryptocurrency transactions has been reduced from CHF 5,000 to CHF 1,000 (around USD 1,020).