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Switzerlandâs Falcon Private Bank has introduced a cryptocurrency wallet as well as support for direct transfers of BTC, BCH, ETH and LTC for private and institutional investors. The bank said investors can now directly transfer cryptocurrencies to and from its own âsegregated Falcon wallets.â They can also convert their digital coins into cash.
Also read:Â Chile to Start Taxing Cryptocurrency Earnings in Second Quarter of 2019
âFully Bankable Blockchain Assetsâ
In a press release published on Jan. 21, Falcon claimed that its latest offering âmakes blockchain assets fully bankable.â The Zurich-based bank also claimed to provide secure storage thanks to its âproprietary custody solution.â
âClients can place trading orders conveniently through e-banking or a dedicated relationship manager,â said Falcon. âDigital assets are included in portfolio statements as well as in tax reporting documents.â
The bank stated it had developed a process that ensures full compliance with Switzerlandâs anti-money laundering and know-your-customer laws and regulations. It claimed to have a multi-level protection that covers hardware, software, and transaction processes. âOur custody solution has been audited and reviewed by independent providers,â Falcon detailed.
Martin Keller, chief executive officer of the Swiss private bank, commented:
Falcon has ⊠demonstrated its expertize ⊠in the digital assets space by merging traditional private banking services with innovative financial solutions.
 Progressive Switzerland Allows Crypto Firms to Flourish
Founded in 1965 as Ueberseebank, Falcon Private Bank is Switzerlandâs 26th largest foreign-controlled bank by total assets. The bank has more than $15 billion worth of client assets under management and has offices in Abu Dhabi, Dubai, London and Zurich.
It was licensed as a bitcoin asset management company by the Swiss Financial Market Supervisory Authority (FINMA) in July 2017. However, the bank has reportedly set its minimum bitcoin investment threshold at two million Swiss francs ($2 million), cutting off many Swiss citizens from investing through it.
Switzerland has taken a progressive stance toward cryptocurrencies by legalizing their use and formalizing crypto transactions in a range of different contexts. But some crypto projects still struggle to open bank accounts, and cryptocurrency-focused bankers and investors still complain about a relative lack of regulatory clarity, as it remains unclear whether cryptocurrencies can be considered legal tender in certain contexts.
Switzerland sees virtual money and blockchain technology as strategic innovations in global finance. It is therefore determined to maintain and expand the jobs it has to offer in the field. The countryâs tax regulator views cryptocurrencies as assets that should be subject to wealth taxes and declared on annual tax returns.
What do you think about Falcon Bankâs new offering? Let us know in the comments section below.
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