Tougher regulations may be key to thriving crypto ecosystem, say Swiss crypto banks

[ZURICH] THE concept of a crypto bank may seem a paradox to crypto natives. Early cryptocurrencies, such as Bitcoin, were born with ambitions of replacing traditional financial institutions and eliminating banking fees with public, distributed ledgers.

But chief executives of Switzerland’s first 2 licensed crypto banks say digital asset service providers should take a leaf out of a traditional bank’s book, if crypto is to go mainstream.

The ongoing crypto downturn proves the thesis of their business model, said co-founder and group chief executive officer at Sygnum, Mathias Imbach.