The Swiss Regulator has Permitted Dukascopy to Provide Crypto Custody Services

Key Takeaways

  • The Swiss financial regulator FINMA has granted Dukascopy Bank authorization to provide its customers with crypto currency exchange and fiduciary deposits in crypto currencies, permitting investment and custody of crypto currencies on behalf of clients.
  • When it comes to fiduciary services, clients with Savings accounts get the same benefits as private clients.
  • Different crypto investing alternatives are already active, according to the company.

Dukascopy Bank is a Swiss online bank that offers trading, banking, and financial services via online and mobile platforms. With nearly 300 workers, it is headquartered in Geneva, Switzerland, and has offices in Riga, Kyiv, Moscow, Kuala Lumpur, Hong Kong, Shanghai, Dubai, and Tokyo.

The Swiss financial regulator FINMA has granted Dukascopy Bank permission to provide its customers with crypto currency exchange and fiduciary crypto deposits, enabling crypto investment and safekeeping on behalf of clients.

Customers with Savings accounts, who enjoy the same privileges as private clients, can also take advantage of these fiduciary services. MCA can open a savings account for clients who expect to deposit more than $100,000.

Owners of Savings accounts who enjoy all of the privileges of Private clients can use fiduciary services. Any MCA client planning to deposit more than USD 100,000 can open a savings account.

The situation of Dukascopy Bank’s business in the first four months of 2022 was disclosed in a current financial statement update. The period’s revenue totaled CHF 10.3 million ($10.5 million), up more than 30% from the previous year. Despite revenue that was somewhat lower than the previous six-month period, the Swiss brokerage operator has improved dramatically in the last four months.

Dukascopy also announced that operating profits for the first four months of 2021 increased by 133 percent to CHF 4.2 million. Furthermore, nearly CHF 3.5 million in net profit was generated during the period, representing a year-on-year rise of 150 percent.

Fees for savings accounts can be found at https://www.dukascopy.bank/swiss/fees-limits.

Last year, client deposits on the trading platform climbed dramatically. It ended the year with CHF 125.9 million in customer assets, a significant increase from CHF 105.3 million in 2020 and CHF 102.1 million in 2019. This figure climbed by 1.8 percent in the first four months of 2022.

Here is the fee schedule for crypto operations, covering blockchain operations, crypto purchase/sale, and custody: https://www.dukas.io/

Different crypto currency investment possibilities are already available.

Dukascopy Bank SA (Dukascopy) accepts Bitcoins (BTC), Ether (ETH), and Tether (USDT) to fund trading accounts and withdraw cash (USDT). This deal is only valid for “crypto-fundable trading accounts.”

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Aadrika Sharma

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