FINMA: banks may accept cryptocurrencies risk

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Swiss Financial Market Supervisory Authority (FINMA) has come up with recommendations for Swiss banks regarding cryptocurrencies risk. The regulator advises to accept this risk and don’t defy it. FINMA recommended Risk weighting ratio at 800% calculated against the original sum invested or taken as a deposit in cryptocurrencies.

This advice just unfold that Switzerland’s authorities are still leaving unclear the final rulings regarding cryptocurrencies. As it’s well known that top politicians of this country speak in favor of cryptocurrencies but the central bank is still cautious and rejects as a near-by opportunity to launch national stablecoins. Moreover The Swiss Bankers Association (SBA) raised alarm over overall practice of Swiss banks not wishing to engage themselves into the financial liaisons with crypto related business. Taking this approach as a probable trigger for capital outflow from Switzerland, SBA has developed special guidelines aimed to fix this situation.

The future of crypto regulation in Switzerland looks grimy since FINMA is awaiting final recommendations from Basel Committee on Banking Supervision whose next meeting is scheduled to be at the end of November. But the Committee as well as un “umbrella” structure Bank of International Settlements (BIS) has negative stance regarding cryptocurrencies and urges restrictive measures must be implemented against cryptocurrencies worldwide.

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