Frick, a family-run Liechtenstein-based bank announced on February 22 that they will launch a platform for institutional trading of cryptocurrency. The subsidiary of Frick for this platform, DLT market, will provide a fully regulated multi-crypto exchange platform that will offer institutional investors with exposure to crypto industry and related investments.
The move will cement banks' move in cryptocurrency. CEO at Frick bank, Edi Wögerer said the DLT market offer is a unique combination of a bank regulated by EU and a fintech company to the institutional investors.
The subsidiary DLT market, will be headed by a former developer of the blockchain project at the bank Roger Wurzel as the CEO. Wurzel was a member of the business development of the same bank.
Frick bank was founded in 1998 and is headquartered at Balzers.
India Reserve Bank needs a crypto proposal in 4 weeks
Elsewhere, the Reserve Bank of India has been ordered by the Supreme court in the country to come up with a crypto policy proposal in 4 weeks. This comes after the bank had banned all local banks and regulated entities from engaging with any crypto entities.
The court will make an independent ruling about the matter should the bank fail to come up with a proposal.
The decision was received with a huge celebration by local crypto campaigners who have been contesting the government's stance on crypto and digital assets.
Already, local industry players are refusing to have the matter left to government officials to decide. Blockchain India has organized a series of meetups meant to produce a list of community-sourced suggestions for the policy. The group plans to submit its work to head of the inter-disciplinary committee responsible for drafting the regulations, secretary of economic affairs department Subhash Chandra.