Cryptocurrencies: more than half of Swiss banks plan to get into cryptoassets – 12/01/2022 at 15:37

However, significant uncertainties remain about the regulations, as well as the scale of the movement.


(illustration) (AFP / OZAN KOSE)

More than half of banks in Switzerland plan to launch a cryptocurrency investment offering over the next three years, according to a barometer released Tuesday by audit and advisory firm EY.

Long cautious about cryptocurrencies, some 55% of Swiss banks surveyed as part of this annual study now believe that cryptocurrencies will become a classic investment category within ten years, like stocks and bonds, indicates the firm in the report detailing this barometer.

Faced with growing demand from their clients, they plan to launch investment opportunities in crypto-assets, specifies the firm, which notes a marked interest from private banks.

What rules?

Its barometer, carried out in November with 90 banking establishments, shows that 68% of private banks plan to set up investment possibilities in this area, while regional and cantonal banks are more reserved.

The proportion of institutions ready to offer an investment in cryptocurrency to their customers within three years falls to 50% among cantonal banks and 48% among regional banks.

“It remains to be seen to what extent these intentions will be followed by effects”, however nuances the audit and consulting firm, stressing that the regulatory authorities are “much more skeptical on this subject and want to impose more barriers on banks. important with regard to crypto-assets “.

“Significant uncertainties remain especially in the field of regulation since the publication of the consultation document of the Basel Committee on banking supervision in June 2021”, recalls the audit firm.

This body responsible for developing the rules applicable to banks then proposed to impose a very high risk weighting for cryptocurrency investments and therefore sums that banks must set aside to cover the associated risks, underlines- he.

“Cryptocurrencies, like bitcoin, are currently in the spotlight,” but most Swiss banks have so far been “timid” when it comes to offering investments, note the report’s authors, even though they ” could soon come out of their reserve “, according to them.

Each year, the audit firm takes the pulse of the sector through this barometer carried out for twelve years. This barometer enables it to take stock of the prospects, projects and priorities of Swiss banks at the start of the year.



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