According to U.Today, PostFinance, a leading financial institution in Switzerland, has recently announced the inclusion of several cryptocurrencies in its trading and custody services. The digital assets include AVAX, Cardano (ADA), Polkadot, XRP, and Solana (SOL). This move is seen as a significant milestone for these cryptocurrencies, especially XRP and ADA, as it enhances their recognition and accessibility, notwithstanding previous regulatory challenges.
Charles Hoskinson, the founder of Cardano, reacted to the news by recalling PostFinance's early support for Ethereum, a project he was associated with before establishing Cardano. He acknowledged that PostFinance was one of the first banking partners of Ethereum, underlining the positive and collaborative relationship they had.
PostFinance, functioning as the financial services division of Swiss Post, holds a key position in Switzerland's financial landscape. Known for its reliable and secure banking service, the institution's decision to incorporate these cryptocurrencies signifies the increasing acceptance and integration of digital assets into conventional finance.
Switzerland's regulatory framework for cryptocurrencies is relatively liberal, considering them as assets. The legal and regulated status of trading and holding basic cryptocurrencies, like Bitcoin, ensures adherence to anti-money laundering regulations. However, certain tokens, particularly utility ones, might be subject to stricter securities regulations, necessitating specific licenses for activities such as asset management or banking with crypto.
