Swiss Regulators issues the first license on crypto transaction banking Author: Ali Raza Last Updated: 31 May 2020 InCore Bank has been given a Swiss license to offer crypto transactions for local banks. With this license, the bank has become the first Swiss business-to-business bank given license by Swiss financial authority to operate with digital assets. The Swiss financial regulatory authority, FINMA, will allow InCore bank to offer digital assets transactions for customers all over the world to transact in the bank. With the announcement, this will be a vital step towards the creation of a blockchain-friendly environment within the European banking sector. It represents a landmark achievement as EU mainstream banking continues to close the gap between offering traditional financial services and offering digital asset services. The licensed company will now allow institutional clients and traders to transfer, hold, and trade digital assets. InCore also partners with IT crypto assets consulting firm Chief executive officer of InCore Bank, Mark Dambacher, commended the new license and made his assertion about the new development. He spoke to Finews.ch about the license and pointed out that the bank’s customers will have a lot to gain from the development. He said the customers will have a lot to gain with the expansion to the new asset class. The interesting part is the fact that they do not need to invest in new processes and infrastructure before gaining from the expansion to new products and services. “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,” he said. InCore Bank one of the most eligible for license InCore had initially collaborated with Inacta, a consulting firm based in Switzerland. The collaboration was for the provision of crypto-assets management. With Maerki Bauman & CO. being the new digital assets transaction client of InCore’s Bank, the bank is poised to expand on its already impressive portfolio. Local media has classified InCore bank as one of the most eligible banks for such a license from the Swiss financial regulator. InCore wants to expand blockchain adoption Executives of InCore bank said the plan is to expand the adoption of blockchain technology within Switzerland. To do this, the bank intends to improve its blockchain strategies in the next few months. Also, there are plans to include transfer services, custody, and brokerage services to its security tokens. In the past, FINMA has issued stern warnings about the possibility of the increase of money laundering using blockchain technology. But in February, it passed a provision on anti-money laundering and lowered threshold for cryptocurrency exchange transactions to minimize risks.