Switzerland’s top financial regulator, Financial Market Supervisory Authority (FINMA) grants local banks, InCore, the first license to transact digital currencies. This adds to the accelerated efforts from the Swiss government in the blockchain field so far in 2020 with the government looking to implement a central bank digital currency (CBDC).
InCore, first Swiss bank licensed to transact crypto
In an official announcement released on Friday, May 29, InCore bank confirms its FINMA license allowing it to process digital currency transactions. This makes it the first business to business Swiss bank mandated to operate within the crypto industry opening up a gateway for customers across the globe.
The license allows institutional-based clients banking with InCore bank to buy, sell, trade, hold and transfer digital assets on their accounts. Opening up crypto transactions aims at promoting the overall development of blockchain-based payment systems to increase efficiency, reduce cost, and enhance transparency in the financial system.
Speaking on the new license, CEO of InCore Bank, Mark Dambacher, says the demand from customers for digital assets pushed the addition of the services. The bank aims to provide world-class services for its customers “without having to invest in infrastructure and new processes themselves”. He added,
“And this while maintaining the usual security standards. This is how we build a bridge to traditional asset classes.”
The bank recently announced its “Digital Services” division that will work on the strategic development of these new crypto transaction systems. The bank aims to separate and secure the crypto wallets differently according to Daniel Blatter, InCore bank Head of Digital Services,
“We guarantee the complete segregation of crypto customer assets on individual wallets, which means that the bank's own capital requirements are not required.”