InCore bank has gained the approval of Swiss regulators to cater to the needs of businesses in the crypto industry.
The Financial Market Supervisory Authority (FINMA) of Switzerland has given InCore bank a go-ahead to handle digital assets and transact with businesses and individuals across the globe.
This opens the way for a more-friendly crypto environment in Europe. The approval also makes InCore bank the first to gain this favor.
InCore customers can now trade, hold or transfer digital assets regardless of their country of origin or residence. FINMA also gave InCore the opportunity to explore the tokenization sector.
InCore joins hands with a private crypto-consulting firm
While interacting with Finews.ch, the CEO of InCore Bank, Mark Dambacher, expressed his delight when he said:
“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.”
InCore bank is already working with Inacta AG, a private IT consulting firm in Switzerland. The firm will help in managing crypto assets under InCore’s custody.
Maerki Bauman & CO. has now joined InCore for their digital assets services. People in Switzerland believe that InCore will do well in the new role it just assumed.
Strategies to make blockchain more acceptable among bank users
InCore has plans to be a broker and custodian of digital assets. They are also developing their capacity to offer transfer of assets to security tokens.
FINMA is quite aware that this development can make money laundering increase but the body has enacted a strict anti-money laundering policy stating that any transaction above 1,000 CHF, which is approximately $1,020, will call for investigation.