Dukascopy Bank Granted FINMA Authorization to Provide Crypto Fiduciary Services

Fazzaco learned that Swiss financial trading services provider Dukascopy Bank announced on Thursday that it had been granted authorization from the Swiss financial regulator, FINMA, to provide its customers with the exchange of cryptocurrencies and fiduciary deposits in digital assets allowing investment and custody of cryptos on behalf of clients.

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With the authorization, the bank's Savings accounts owners can have access to the fiduciary services and enjoy all the benefits of Private clients. A Savings account can be requested by any MCA clients with the planned deposits above USD 100,000.

Furthermore, different options of investments in crypto currencies are already operational, according to the bank.

Most recently, Dukascopy Bank posted its financial results for the four months ending on April 30, 2022. And the data shows that the broker's net profit for the January-April 2022 period were CHF 3.5 million, more than its entire 2021 profit of CHF 2.1 million. This figure is 150 percent higher than from CHF 1.4 million reported back in the same period a year ago. In addition, the bank's financial results in the year of 2021 also revealed its nice growth momentum despite the impact of the pandemic. 

Since Dukascopy Bank noted that its involvement and development in crypto related activities remains one of the main strategic growth areas, this new authorization from FINMA would undoutedly boost the bank's further growth in the future.