Swiss financial watchdog recommends banks set crypto risk coverage at 800%

The Swiss Financial Market Supervisory Authority (FINMA) is recommending the nation’s financial-service providers allocate a risk weight of 800% for cryptoassets. Under this guideline, a financial-service provider must assume a value north of $50,000 for each bitcoin when calculating the risk weight of its assets, the Swissinfo report says. (Bitcoin currently trades at around $6,400.) The 800% weighting FINMA is suggesting is on the high-end for a financial asset, suggesting the authority views cryptoassets as very volatile. (Source: Swissinfo)

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Swiss financial watchdog recommends banks set crypto risk coverage at 800% written by Steven Zheng @ https://www.theblockcrypto.com/tiny/swiss-financial-watchdog-recommends-banks-set-crypto-risk-coverage-of-800/ November 6, 2018 Steven Zheng

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