The Swiss Financial Market Supervisory Authority (FINMA) has introduced restrictions on banks’ crypto initiatives, including eight times risk weighting, the Swissinfo portal reported on Monday, citing a letter sent by the regulator to EXPERTsuisse, an association representing local trustees and accountants. The measures place virtual assets in the category of high-risk investments along with hedge funds.
The guidelines target virtual coins on the banks’ own books and will be in place until the international Basel Committee on Banking Supervision creates global recommendations on those issues.
“FINMA has recently received an increasing number of enquiries from banks and securities dealers holding positions in cryptoassets and are subject to capital adeq...
This article appeared first on Cryptovest