Financial service giant and retail bank Banco Santander announced that they will offer Bitcoin and Ethereum trading options to Switzerland account holders. The trading option is for high-wealth Swiss accounts and within a given criteria.
The services will be given to clients whosoever opt it through Relationship Manager. Adding more to it, the assets will be locked in a regulated custody model. The model will hold the private cryptographic keys of customers which will add another layer of security to it.
However, there’s no such confirmation from the bank itself, the news was reported internally by an insider.
Will FINMA Allow Santander to Operate on Cryptos?
The Swiss Financial Market Supervisory Authority (FINMA), the country’s financial regulatory authority, controls all aspects concerning crypto regulation and other digital asset services such as decentralized finance (DeFi).
To maintain the laws and regulations of the nation’s crypto rules, Santander may find it a bit easier to operate in Switzerland compared to other countries. As long as firms, fintech startups, exchanges, and banks have the license to operate under the guidelines of FINMA, Santander will not face any issues.
While many retail banks are struggling to find a spot to fix their roots on crypto land, Santander has shown a great approach starting with Switzerland. Previously, the investment bank was registered under the French regulator as a crypto custodian.
The company has been granted digital asset service provider (DASP) certification by France’s Financial Market Supervisory Commission (AMF) to deliver the services it claims.
Bitcoin, Ethereum Prices Reacts Positively
Bitcoin and Ethereum have been seen complementing each other. The largest crypto by market cap, Bitcoin price soared 2.23% to trade at $37,273.87, while the Ethereum price added 4.14% to $2,031.11 over the last 24 hours.
The rise of both could be driven by multitudinous reasons. The recent developments in the field of ETF are one of the reasons. Spot Bitcoin ETF, which is still under the scrutiny of the SEC is yet to be allotted to the 12 firms in the queue.
The recent announcement of Spot Ethereum ETF filling by BlackRock has created a spark in the market again. The news fuelled the prices of ETH, leading to an 8% rise in just 14 days.
If the applications are passed by the SEC, experts have predicted that both Bitcoin and Ethereum will see major price changes.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.