Swiss financial services provider Dukascopy Bank has received permission to trade digital currencies from the Swiss Financial Market Supervisory Agency (FINMA).
Dukascopy Bank reported, which received a license from the Swiss regulator FINMA to provide clients with services for the exchange of cryptocurrencies and fiduciary deposits in digital assets. The license will allow the company to invest and hold digital currencies on behalf of clients. When it comes to fiduciary services, clients with savings accounts enjoy the same benefits as private clients of the company.
The bank has been operating since 2004 and specializes in online and mobile trading. The company has three subsidiaries: Dukascopy Europe IBS AS, Dukascopy Japan and SIA Dukascopy Payments. All of them are engaged in brokerage activities and carry out payment transactions and electronic payments in Europe and Asia.
According to a Dukascopy Bank report, customer deposits increased significantly from ₣105 million in 2020 to ₣125 million last year. However, in 2021, the company’s net profit amounted to only ₣4.2 million, and this year – ₣2.1 million. Over the past year, the company has lost about 80% of profit. It is likely that a license from FINMA to trade cryptocurrencies will help the bank increase its income and catch up on lost profits.
Now that the company has a license from the Swiss regulator, foreign partners who want to enter the Swiss financial markets are likely to want to cooperate with it.
The company expressed its intention to actively work in the cryptocurrency markets back in 2019, when it announced cooperation with the Bitstamp crypto exchange. Dukascopy Bank promised to provide clients with tools for working with digital assets. Bitstamp said that such cooperation will help close the distance between traditional finance and the cryptocurrency space.
Source: Bits
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