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)