Swiss bank InCore has been given the green light from regulations to offer the transaction of cryptocurrency

According to the Swiss Financial Market Supervisory Authority (FINMA), they have made an essential step towards creating a Blockchain-friendly environment across the EU banking industry. InCore Bank is the first bank authorized to conduct cryptocurrency transactions, allowing customers around the world to access and transact in the bank.

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FINMA authorized bank InCore Bank to transact using cryptocurrency

This is an essential step in creating a blockchain-friendly environment across the EU banking industry. Besides, FINMA has also allowed the bank to develop its tokenization capabilities.

Share with Finews.ch, Mark Dambacher, CEO of InCore Bank, praised the announcement and 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 has partnered with Inacta AG, an independent IT consulting firm based in Switzerland, to provide information and manage cryptocurrency assets.

Dambacher said the bank plans to expand its blockchain strategy in the coming months. It also plans to include a broker, depository, and transfer service for security tokens. Previously, FINMA had raised the risk of Switzerland in promoting money laundering activities using blockchain technology. However, on February 7, the Swiss regulatory agency passed a provision against money laundering. The threshold for unspecified cryptocurrency exchanges has decreased from 5,000 CHF to 1,000 CHF (about $ 1,020).

Earlier this week, the Swiss government would be supporting blockchain-based startups. While the initial request from the Zug canton stood for $100 million was rejected, the federal government has acknowledged the importance of the developing technology space, offering $10 million worth of Swiss Frances to the industry.

Meanwhile, neighboring Switzerland, the Bank of France successfully launched a pilot of a digital Euro. The Banque de France hopes to improve on the financial industry in the country and across Europe through the implementation of a central bank digital currency (CBDC).

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