Swiss legislators give the green light for banks to work with digital currencies

Swiss legislators give the green light for banks to work with digital currencies

By ... | World of Crypto | 1 Jun 2020

InCore is the first Swiss bank to operate a B2B business model that officially receives licenses from lawmakers and finance officials to work with digital assets.

 the Swiss Financial Market Surveillance Agency (FINMA) has issued a license for digital asset transactions to Incor Bank so that its customers around the world can access and transact through it.

This official announcement is an important step towards creating a China-friendly environment throughout the European Union's banking sector. Inkor Bank is the first bank with B2B model to be approved for activities in the field of digital currencies.

The bank now allows its corporate customers to buy, sell or hold digital assets or transfer them to various accounts. The Swiss Financial Markets Authority has also allowed the bank to work on the ability to technize.

In an interview, Mark Dambacher, CEO of Incor Bank, expressed satisfaction with the incident and added:

Our customers can now enjoy the benefits of a new asset without the need to invest in infrastructure and new processes. This new advantage will be accompanied by the maintenance of the usual security standards, and in the same safe manner, communication will take place in the field of traditional assets.

The bank had previously partnered with an independent Swiss IT consulting firm, Inacta AG, to learn about and manage digital assets.

The new client of Inverse Bank's digital asset transaction is Maerki Bauman Private Bank. Local media consider Incor Bank one of the most reputable banks in the field.

According to Incor Bank executives, the bank plans to expand its China Blockchain strategy in the coming months. The bank also plans to expand brokerage, security services and the transfer of securities tokens.

Earlier, the Swiss Financial Markets Authority warned of an increasing risk of money laundering in Switzerland using China's blockchain technology.

However, on February 7, Swiss lawmakers passed an anti-money laundering bill that reduced the ceiling on anonymous transactions in digital currency exchanges from 5,000 Swiss francs to 1,000 francs (about $ 1,2020).

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