Swiss Regulator Approves Cryptocurrency Trading with Local B2B Banks
Swiss InCore Bank has become the first local B2B bank to get regulatory approval for digital asset trading support. After such a move, the Swiss cryptocurrency industry expects the emergence of B2B banks with regulated cryptocurrency trading support, forming a distributed ledger tech (DLT)-pleasant atmosphere for the entire EU banking industry.
Apart from InCore, other banking institutions in Swiss are trying to tap into the benefits of blockchain and cryptocurrency technologies. However, due to the increasing use of digital currencies in the country, bad players have taken advantage of this nascent industry to carry out their illicit activities associated with tokens such as money laundering, Related to this, FINMA warned the government that the country will face financial challenges including money laundering risks due to the increasing use cryptocurrencies, and also warned that the financial sector will encounter new risks in the areas of DLT and cryptocurrency since they have attracted a lot of users from different backgrounds who come with different intentions.
