Swiss Association Releases Common Cryptocurrency Storage Standards

The Swiss Markets and Technologies Association (CMTA) has issued common industry standards for companiesproviding custodial services for digital assets.

General Secretary of CMTA Fedor Poskryakov,who is also a partner in the law firm Lenz & Staehelin, said that the developed document was the first step of the Swiss financial industry towards defining common standards for the storage and management of digital assets.

“This will greatly help the development of infrastructurefully digital market, including integrated storage services and secondary trading platforms. The advantages of digitalizing the financial industry are such that the transition to a decentralized infrastructure seems to me inevitable, ”he said.

The document emphasizes that digital storageCurrencies are very different from storing traditional assets, which are usually stored in centralized systems without the use of cryptography. To store cryptocurrencies, guarantees are needed that the decentralized infrastructure is well thought out and not subject to loss, theft and hacking.

CMTE also emphasized the benefits of blockchain forsmall and medium enterprises. Using technology, such firms will be able to issue and trade digital securities on decentralized platforms, which will save companies from the need for intermediaries and provide access to new markets.

Note that in February this year, a regulated branch of the custodial service BitGo appeared in Switzerland.

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