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Cryptocurrencies: More than half of Swiss banks plan to enter crypto assets - 12/01/2022 at 3:37 PM

Cryptocurrencies: More than half of Swiss banks plan to enter crypto assets – 12/01/2022 at 3:37 PM

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

(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 auditing and advisory firm EY.

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

Given the growing demand from their clients, they plan to launch investment opportunities in crypto assets, specifies the firm, which notices a marked interest on the part of private banks.

What rules?

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

The proportion of institutions willing to offer a cryptocurrency investment to their clients 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 have effects,” however, clarifies the audit and consulting firm, highlighting that the regulatory authorities are “much more skeptical on this issue and want to impose more barriers on banks.” regarding crypto assets “.

“Important uncertainties continue to exist in particular 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.

Cette instance chargée d’élaborer les rules applicable aux banks to alors proposé d’imposer a ponération du risque très élevée pour les placements en cryptomonnaies et par consequent des sommes que les banks doivent mettre de côté pour couvrir les risques associés, souligne-t- He.

“There is a lot of talk today about cryptocurrencies, such as bitcoin,” but most Swiss banks so far have been “shy” about offering investments, the report’s authors note, although “they may soon come out of their reserve.” , according to them.

Every year, the auditing firm takes the pulse of the sector through this barometer that it has carried out for twelve years. This barometer allows you to take stock of the prospects, projects and priorities of Swiss banks at the beginning of the year.