PostFinance, one of Switzerland’s largest financial institutions, has announced that it now offers trading and custody services for several cryptocurrencies, including AVAX, Cardano (ADA), Polkadot, XRP, and Solana (SOL).
This development marks a significant milestone for these digital assets, especially XRP and ADA, as they gain increased recognition and accessibility despite past legal challenges.
Charles Hoskinson, the founder of Cardano, responded to the news by highlighting PostFinance’s early support for Ethereum, a project he was involved with before creating Cardano. Hoskinson pointed out that PostFinance was one of Ethereum’s first banking partners, emphasizing the positive and collaborative relationship they have maintained.
Fun Fact: when I was at Ethereum, Postfinance was actually one of our first banking partners. They were always nice and easy to work with. https://t.co/w9jCTXDeeH
— Charles Hoskinson (@IOHK_Charles) July 1, 2024
What’s happening with cryptocurrencies in Switzerland? PostFinance, operating as the financial services unit of Swiss Post, plays a crucial role in the Swiss financial landscape. Known for its reputation as a reliable and secure banking service, the organization’s decision to include cryptocurrencies reflects the growing acceptance and integration of digital assets into mainstream finance.
Switzerland’s regulatory environment for cryptocurrencies is relatively lenient, treating them as assets. The legal status and regulation of basic cryptocurrency exchanges and custody services, such as those for Bitcoin, ensure compliance with anti-money laundering regulations.
However, certain tokens, particularly utility tokens, might be subject to stricter securities regulations, requiring specific licenses for activities like asset management or banking transactions involving cryptocurrencies.
