The InCore Swiss bank is the first business-to-business bank approved by the Swiss Financial watchdog to operate with digital assets as we found out for our latest blockchain news.
The Swiss Financial Market Supervisory Authority, the FINMA Swiss Financial watchdog, authorized the InCore swiss bank to carry out digital assets transactions which will allow customers across the world 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. The bank is the first Swiss bank that has the green light to operate within the crypto sphere. The company now allows institutional clients to trade, transfer, and hold digital assets. FINMA has also given creed light to the bank to develop its tokenization capabilities.
The CEO of InCore Bank Mark Dambacher, 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 which is an independent Swiss-based IT consulting company to provide more information and crypto-assets management. The new digital assets’ transaction client of the InCore bank is Maerki Bauman and CO. Some of the Local media consider InCore Bank to be one of the most prepared banks to deal with crypto on the market.
The company executives said that the bank plans to expand the blockchain strategy in the coming months. The bank also plans to include brokerage, custody, and transfer services to security tokens. According to the reports issued by FINMA about the risk of leveraging money by using blockchain technology as a reminder. However, the Swiss regulatory watchdog passed the new anti-money laundering provision while the threshold for unidentified crypto exchange transactions was lowered down from 5000 CHF to 1000 CHF.
As we could see from an official announcement by the Swiss regulator, this represents an important step in creating a blockchain-friendly environment across the EU banking sector. InCore Bank is now the first Swiss business-to-business bank approved to operate within the crypto sphere.
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