Swiss BTC Bank Member Says Big Name Banks Have ‘Interest In Crypto’

Peter Wuffli, who is the former head of the Switzerland-based UBS bank and now a member of the Swiss BTC Bank Sygnum is in the latest cryptocurrency news. Wuffli recently stated that the multinational investment bank UBS is attracting a lot of new and regulated actors towards crypto – just like it is drawing the attention of big name banks.

The Swiss BTC bank CEO made his remarks during an interview with Finews which was published on September 23 2008. At the time, he had left his role as CEO of UBS as the bank’s financial crisis losses spiraled.
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This was when he relinquished over $10 million of his pay – one month after the institution was bailed out by the Swiss government.

Around a decade later, the former UBS banker and recently appointed board member of the licensed Swiss cryptocurrency bank Sygnum said more about the crypto sector, explaining:

“I don’t see a bubble right now. I see more serious business planning and solutions addressing client needs, having learned from the last initial coin offering and Bitcoin bubble.”

As reported before, Sygnum was recently issued a conditional Swiss banking and securities dealer license. As such, the Swiss BTC bank now aims to become a fully regulated bank so as to provide a full suite of financial services such as fiat-crypto conversions and crypto custody solutions.

During the interview, Muffli said that the company was the only licensed bank specialized in digital assets worldwide which had fulfilled the conditions required for a banking license “in only five days.” Most important, he noted, were the Anti-Money Laundering and Know Your Customer (KYC) measures.

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From what we hear, interest has clearly picked up since the licenses were granted. Bank executives are asking their middle management to figure out whether this is just another fintech fad that comes and goes, or whether it is really transformational,” the Swiss BTC bank member said.

He also talked about the vision of Swiss banks and said that “hey are wondering strategically whether they need to commit to this, and what it would mean in terms of changes to systems but also mindset.”

In August this year, the Switzerland’s Financial Market Supervisory Authority was featured on many best cryptocurrency news sites for releasing new guidance on regulatory requirements for blockchain-based payments which are targeted at crypto exchanges, wallet providers and trading platforms.