According to the publication Swissinfo, the Swiss financial market supervision Authority (FINMA) unofficially signaled that the risk factor for cryptocurrency investments should be 800%. The Agency announced this figure in a letter dated October 15 in response to the request of the Association EXPERTsuisse, which includes experts in the field of tax and audit activities.
In its letter, FINMA also said that the relevant legal regulations are not yet in force, so banks and other interested organizations often demanded to clarify this issue. “FINMA has recently received many requests from banks and securities dealers holding positions in crypto-assets, as well as falling under the requirements of capital adequacy, risk placement and legal norms for the calculation of short – term liquidity ratios,” Swissinfo quotes FINMA representatives.
Switzerland has been officially integrating crypto products and the banking sector for several years-this European country is trying to create a legal environment in advance that can support the development and operation of new financial instruments.
At the same time, as Swissinfo writes, until the international Basel Committee on banking supervision develops all the acts and laws necessary to regulate this area, FINMA can give only approximate figures. However, the final decision can be announced at the end of November, when the next meeting of the Basel Committee will take place.
Therefore, all crypto assets “need to be assigned a total risk factor of 800% in order to cover market and credit risks, regardless of where the positions are held – in banking or trading assets,” the letter says FINMA.
According to several sources, who commented on the situation, 800% is a large figure, but it is within acceptable limits. For example, the SEBA startup, which raised $ 103 million in September to set up a cryptocurrency Bank in Switzerland, said the recommendation would “have a limited impact on its business model.”
“It’s nice to see that banks no longer turn away from the increased number of customers who need services related to cryptocurrencies, but ask for advice and make their own contribution to this matter,” said Swissinfo, a representative of The bitcoin Association Switzerland lobbyists group.