Dukascopy Becomes First Swiss Bank With ICO Approval By FINMA, Dukascoins And Dukasnotes Tokens Incoming
Dukascopy Becomes The First Swiss Bank To Be Approved For AN ICO By FINMA
In a press release, Swiss online bank Dukascopy announced that they have won approval of Switzerland’s financial market supervisor FINMA for an ICO. This consent allows them to launch the public sale of its own cryptocurrency Dukascoin by early March 2019.
The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges, and securities dealers, as well as other financial intermediaries in Switzerland. Dukascopy Bank is a Swiss online bank specialized in online and mobile trading, banking, and financial services. Company’s activities focus on foreign exchange, CFDs for stocks, metals, commodities, indices, cryptocurrencies and binary options. Dukascopy Bank also offers a current account, e-banking, and credit card services.
Dukascopy Bank’s concept states that the company is mulling to emit two cryptocurrencies: Dukascoins and Dukasnotes. The former will be used as a crypto means of payment that has a limited supply. The latter will be issued as a stablecoin.
Dukascoins will be based on the Ethereum blockchain or a better one, provided that it becomes available for use. The company intends to finance its Dukascopy Connect 911 expansion plans. The bank intends to issue a maximum of 20 billion Dukascoins.
The stablecoin, Dukasnotes will be convertible into fiat currencies. The value will be guaranteed by Dukascopy via a guarantee fund, subject to an independent audit. Funds will be deposited with the bank and the cryptocurrency will be pegged to a fiat currency. There will be no limitations on the amount of Dukasnotes issued. The company will be issuing the coins against a contribution to the guarantee fund. The goal of Dukasnotes is to offer a new means of payment which is disruptive in terms of speed, user-friendliness, and costs.
This move by FINMA has shown the interest of the Swiss financial regulators to venture and support crypto space. They have even laid out guidelines for the release of an ICO which Dukascopy is compliant to.