Swiss Regulator Approves Crypto Transactions For A Local Bank

InCore Bank is a bank that is based in Switzerland – and now one of the first businesses in the country that are approved for sending crypto transactions by the Swiss regulator. We are talking about the financial watchdog of Switzerland, which gave the local bank a green light and approved the sending and receiving of digital assets.

The Swiss Financial Market Supervisory Authority (FINMA) has authorized InCore Bank to carry out digital asset transactions – and now allows customers worldwide to access and transact within the bank.

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.

Currently, the Swiss regulator approves and gives the firm a right to trade, hold and transfer digital assets, the latest cryptocurrency news show. FINMA also allowed InCore Bank to develop its own tokenization capabilities. The CEO of InCore Bank, Mark Dambacher, recently spoke with a local media outlet named Finews.ch and praised the announcement, commenting:

“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 new digital assets’ transaction client is Maerki Bauman & CO. Local media now considers InCore Bank to be one of the most well-qualified banks in this sector. Company executives even note that the bank plans to expand its blockchain strategy – something that makes it a huge topic in the blockchain news in the country – but also plans to include brokerage, custody and transfer services to security tokens.

For those of you who don’t know, on February 7 this year, the Swiss regulatory watchdog passed an anti-money laundering provision. In it, the threshold for unidentified crypto exchange transactions was lowered from 5,000 CHF to 1,000 CHF (which is around $1,020).

With this, Switzerland remains one of the proactive countries towards crypto and one of the most positive regulators of cryptocurrency and blockchain in Europe.