UBS Group AG is reportedly weighing a plan to offer cryptocurrency trading to a subset of its private banking clients in Switzerland, according to Bloomberg News. Wealth management clients have shown interest in crypto assets, even as regulators refine oversight, including guidelines from the SEC. UBS has been examining the plan for months and is said to be selecting partners for a potential crypto offering.
The report notes that UBS would initially allow a limited number of private-bank clients in Switzerland to buy and sell Bitcoin and Ether, with a rollout potentially extending to the Asia-Pacific region and the United States. Other U.S.-based wealth managers such as Merrill Lynch and Morgan Stanley are evaluating how to provide client access to digital assets within regulatory boundaries. UBS’s cautious stance on digital assets could shift if a robust offering emerges, according to Bloomberg, and a UBS spokesperson said the firm actively monitors developments and emphasizes risk controls and distributed ledger technology.
The article adds that Wall Street rivals like JPMorgan Chase & Co. and Morgan Stanley are expanding in digital assets, potentially pressuring UBS to follow suit. Such a move would mark a meaningful shift for UBS, which has long been cautious about virtual tokens, as it weighs partner selection and regulatory considerations in a changing market.
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