Crypto Banks Gain Regulatory Recognition Across the Globe

Traditional financial institutions are still leery about decentralized cryptocurrencies. They are only starting to explore the potential of digital assets. But a new breed of banks specializing in crypto have been working hard to take advantage of this trend and are gaining regulatory recognition around the world.

Also read: How to Start With Bitcoin at No Cost

Swiss Crypto Banks Are Going Global

Switzerland has established itself as a leading crypto-friendly nation and several hundred companies from the industry are currently operating out of the crypto valley centered in the canton of Zug. The country’s financial regulators have been gradually opening towards the nascent sector. Traditional banks have been reluctant to serve entities dealing with cryptocurrencies but competition from new businesses focusing specifically on the crypto market is likely to change that.

In August, the Financial Market Supervisory Authority (Finma) licensed two…