The official announcement represents an important step in creating a blockchain-friendly environment across the EU banking sector. InCore bank becomes the first Swiss business-to-business bank approved to operate within the crypto sphere.
The firm now allows the institutional clients to trade, hold, and transfer digital assets. FINMA has also allowed the bank to develop its tokenization capabilities.
Partnership with IT crypto-assets consulting firm
Speaking 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 already partnered with Inacta AG, an independent Swiss-based IT consulting firm, to provide information and crypto-assets management.
Plans to boost blockchain adoption within the banking sector
However, on February 7, the Swiss regulatory watchdog passed an anti-money laundering provision. The threshold for unidentified crypto exchange transactions was lowered from 5,000 CHF to 1,000 CHF (around $ 1,020).
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