July 1, 2020

Liechtenstein Bank Can Now Custody Crypto

By f1as0N91s5

In partnership with Hong Kong-based Hex Belief, Mason Privatbank Liechtenstein AG is the newest addition to the list of banks that can hold digital assets for its customers. The Chief Markets Officer of the Liechtenstein Bank, Hubert Buechel, said that the bank has many high-net-worth individuals as its clients across Europe and Asia. They are curious about expanding their portfolio and investing in stable coins, cryptocurrencies, and digital tokens. The bank has decided to go ahead with minimally invasive integration because the transaction numbers are not high at the moment. 

Hubert Buechel said that while the customers of the bank do have an ongoing interest in investing in digital assets, there are no day traders in the list of bank’s customers as of now. In the future, the Liechtenstein Bank may consider joining hands with Hex Belief by way of SWIFT integration. The bank may also push for developing an API interface that would connect Hex Belief with the core of the bank. 

Hubert Buechel joined the Liechtenstein Bank in July after a long stint at the Liechtenstein-based Bank Frick. The Bank Frick is one of the household banks in the country that was amongst the first few banks globally to allow its customers to invest in cryptocurrencies directly. Mason Privatbank Liechtenstein aims to attract clients looking to hold, invest, and in the future, trade in cryptocurrencies and add digital assets to their portfolio. The CEO of Hex Belief, Alessio Quaglini, said that Mason Monetary Holdings, the parent company of Mason Privatbank Liechtenstein, is the first Asian bank that Hex Belief has partnered with. 

The bank’s shoppers would even get the facility to borrow, lend, stake, or sell the cryptocurrencies, facilitated by Hex Belief. Quaglini said that his company aims to integrate and interconnect the world of traditional assets and digital assets to create an ecosystem that is mutually beneficial for all parties involved. In the second half of 2020, Hex Belief is planning to increase its outreach in Europe by setting up offices in Germany and Italy. 

Hex Trust holds the TCSP or Trust or Company Service Provider license that comes under the statutory financial Hong Kong law of Anti-Money Laundering plus Counter-Terrorist Financing Ordinance. The company has even moved to gain the capital markets custody license in Singapore and has entered the Monetary Authority of Singapore sandbox as well. 

Hex Belief, for the time being, is provisionally authorized to provide crypto custody services as permitted by the Financial Supervisory Authority of Germany. In the near future, the company is planning to apply for a crypto custody license in Germany. 

The financial world has changed dramatically in the last couple of decades, and with the advent of cryptocurrencies, it seems the transformation is far from over. Many new avenues are opening up for the consumers to invest, hedge, and trade, which may potentially be better than the traditional options available. With the banking world slowly embracing the world of digital assets and integrating cryptocurrencies custody and trading services to its list, the future seems bright for the cryptocurrencies.  While it may take a long time for the digital assets to become as mainstream as traditional financial assets, the process has begun. The crypto-world has come too far too soon, and it won’t be wrong to say that it is still in its nascent stage. The experts believe that as the blockchain technology evolves, it offers endless possibilities of what can be achieved through it, and not only in the financial world but in other sectors as well.