BY DAYO ADESULU
Switzerland’s financial regulator has given operational license to Sygnum Crypto Bank to operate as cryptocurrencies and digital assets bank.
With this development, Switzerland has become the first country to legislate and approved Bitcoin and other cryptocurrencies to compete with fiats.
Sygnum Crypto Bank co-founder, Manuel Krieger lauded the award of the Swiss banking license. He said the development will serve as a game changer that could open the floodgates to the integration of cryptocurrencies.
On Monday, Sygnumexternal link along with SEBAexternal link were awarded provisional banking and securities dealer licenses by Switzerland’s financial regulators.
Both entities will become fully-fledged banks once they have completed some final routine regulatory hurdles.
“This is the first time such licenses have been granted worldwide. By this initiative, Switzerland is playing a pioneering role, said, Manuel Krieger, CEO of Sygnum Switzerland.
Krieger said: “I also think the early movers will encourage others to take the plunge. “We now have a responsibility to help banks and other financial players make the step into the digital asset world.”
“This has positive implications for Switzerland and distributed ledger technology internationally,” added Mathias Imbach who runs the group’s Singapore operation.
“Cryptocurrencies will come out of the shadows if dealing with these assets can be done in a 100% compliant manner.”