Half of Swiss banks plan to introduce crypto assets within the next three years, a study shows. Banks expect cryptocurrencies to become a classic investment category within 10 years.
More than half of banks in Switzerland plan to launch a cryptocurrency investment offering over the next three years, according to a barometer released Tuesday by auditing and advisory firm EY via Tech Gaming Report. Around 55% of Swiss banks surveyed for this annual survey now believe that cryptocurrencies will become a classic investment category within ten years, much like stocks and bonds are now. Given the growing demand from their clients, Swiss banks are planning to launch investment opportunities in crypto assets.
A study conducted in November with 90 banking institutions shows that 68% of private banks plan to establish investment opportunities in this area, while regional and cantonal banks are more reserved. The share of institutions willing to offer their clients investments in cryptocurrencies within three years is 50% among cantonal banks and 48% among regional banks.
However, the researchers point out that it is still unknown how the situation will develop further, as there is some uncertainty. “Important uncertainties continue to exist in particular in the field of regulation since the publication of the consultation document of the Basel Committee on banking supervision in June 2021,” points out the audit firm.
“There is a lot of talk today about cryptocurrencies, such as Bitcoin,” but most Swiss banks so far have been “shy” about offering investments, the report’s authors note, although “they may soon come out of their reserve,” the researchers continue.
Every year, the auditing firm takes the pulse of the sector through this barometer that it has carried out for twelve years. This barometer allows you to take stock of the prospects, projects, and priorities of Swiss banks at the beginning of the year.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.