BITCOIN up OR down (who knows...)
Bitcoin got a vote of confidence from Switzerland's legendary banking system (as per 12th July 2017). -) Falcon Private Bank said on 12th July 2017 it received approval from a Swiss regulator to offer bitcoin products. This was the first time the Swiss...
...regulator has done so. The decision could pave the way for other global regulators to approve bitcoin products.
More detailed info here: Switzerland's financial markets regulator has approved the first Swiss private bank for bitcoin asset management, potentially paving the way for other global banks to offer digital currency products. Zurich-based Falcon Private Bank announced Wednesday (12th July 2017) that the Swiss Financial Market Supervisory Authority, or FINMA, gave the bank the green light on managing assets based on the blockchain technology behind bitcoin and other digital currencies.
The company began officially discussing bitcoin asset management in January 2017, applied for regulator approval on 23rd June 2017 and received it Tuesday (11th July 2017). Falcon has 14.6 billion Swiss francs (USD 15.13 billion) in client assets and has offices in Zurich, Abu Dhabi, Dubai and London.
Switzerland is known for being a global leader in banking practices. The country is also one of the friendliest to digital currency enthusiasts. Its Zug region has already been dubbed "Crypto Valley" for the number of digital currency businesses located there.
Falcon has installed a bitcoin ATM in its Zurich headquarters lobby that allows clients to withdraw bitcoin to their phones. As
a private bank, Falcon has an official minimum of 2 million Swiss francs for clients, but said the firm could consider clients with assets of more than several thousand francs.