Cryptocurrency banks are a new thing on the horizon – and they are already showing up in Switzerland. As sources report, the first crypto banks in the country could open the floodgates to the integration of cryptocurrencies as well as other digital assets in the established financial sector.
Some of them include the names of Sygnum and SEBA, which were among the recent provisional banking and securities dealers in Switzerland. They have been awarded licenses by the official Swiss regulator last week – and both entities are interested in becoming fully fledged banks once they complete some of the final routine regulatory hurdles.
The CEO of Sygnum Swizerland, Manuel Krieger, was featured on many best cryptocurrency news sites that reported about the first crypto banks. As he said:
“This is the first time such licenses have been granted worldwide, so Switzerland is playing a pioneering role. We now have a responsibility as an enabling platform to help banks and other financial players make the step into the digital asset world.”
Other members of the bank and officials agreed that crypto will apparently “come out of the shadows once these assets are done in a 100% compliant manner” This, according to the official who runs the group’s Singapore operation, is a “game changer.”
What is very interesting is the fact that Swizerland has been one of the leading players in the global adoption of tokenized digital assets and DLT technology. The country is in the process of updating its financial legislation to incorporate the new technology. To remind you with a piece from our altcoin news, Switzerland is also the home to Facebook’s Libra cryptocurrency foundation – which was set up in Geneva.
Other established players such as the Swiss stock exchange and state owned telecom giant Swisscom are also involved, as well as a number of startups. The benefits of tokenizing all types of financial assets in a purely digital format and then trading them on DLT ledgers are believed to be manifold – and instantaneous settlement might help big time in the future.
Even though there are some critical voices about the adoption, the fact that Swizerland houses the first crypto banks is definitely a positive sign for the entire industry.
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