Frick Bank CEO Hubert Büchel Recognized a Huge Potential in Blockchain and Crypto-Banking System
A few day ago, the news that the Liechtenstein Financial Market Authority approved the first crypto-asset-based fund regulated in Europe has caused quite a stir. The Liechtenstein bank Frick is sympathetic to blockchain technology and acts as depositary for the poster and other crypto asset-based funds. An interview with Hubert Büchel, CEO of Bank Frick.
A huge potential
What do you think about the skepticism of other banks?
We do not share the skepticism of other market participants. What we can say is that investor interest and the growing use of core technology behind it all testify to the tremendous potential of an emerging market — especially for regulated products and services on the blockchain that we, as a bank, already offer. Of course, on the other hand, we understand that some of these technology leaps are “cautious”.
Which projects is Bank Frick planning in the crypto-asset sector?
The topic of tokenization of traditional assets is currently receiving a lot of attention from Bank Frick. A token represents the value of the underlying assets. Here the difficulty still exists in the trade. Since they are security tokens, tradability is only possible via appropriate providers who are authorized to do so. We are therefore very curious about how the market of exchanges and brokers will change in the future. […] Our focus here is on the development of AlF funds, and with the Postera Fund we helped to develop the world’s first crypto-fund, which is designed in accordance with European law. Of course, our payment service provider team is of course interested in optimizing payment solutions based on blockchain technology.
What has changed for Bank Frick since the news was released that the Postera Fund will be approved by the FMA?
We received a lot of inquiries even before receiving the first permit. Especially in the areas of blockchain companies, ICOs and funds. Of course, the announcement has given the whole thing an extra boost and the brand “Bank Frick” has been further spread and consolidated in the crypto scene.
What do you think about the work of the FMA so far? What would you wish for the Liechtenstein authorities to regulate?
We must consistently call the exchange with the financial market supervisory authority as cooperative, expedient and valuable. Within a short time, the FMA has been able to build up an enormous amount of knowledge and thus be able to support us significantly in the realization of our projects. By the blockchain law announced by head of government Adrian Hasler we expect in principle an even higher legal certainty — especially with regard to new business models. It confirms our strategy and we welcome that, of course. At the same time, Liechtenstein is proving to be a pioneer in the European environment and we want to help establish this role.