UBS has finally entered the fray, with 20 Swiss banks securing 2.5 million crypto accounts
- 核心观点：瑞士银行业加密服务规模化进程加速，UBS于2026年1月向部分私行客户开通加密交易，标志着全球最大财富管理机构正式入场；加密业务正从概念验证转为盈利来源，且客户画像颠覆了“年轻投资者”的传统认知。
- 关键要素：
- UBS已批准比特币和以太坊交易，初期面向瑞士私行客户；管理超4.7万亿美元资产，此前态度保守，转向主因客户需求及同行竞争压力。
- 瑞士约20家银行提供加密服务（全球第一），覆盖超250万个账户；PostFinance上线首年开设3.6万个托管账户，处理56.5万笔交易。
- ZKB数据显示，加密买家平均年龄30-50岁，以男性私行客户为主；超40%加密托管客户此前无任何投资组合，激活了“沉睡资金”。
- 加密业务贡献显著利润：Maerki Baumann超20%利润来自数字资产；Swissquote约10%收入来自加密；Arab Bank瑞士分行5%的AUM贡献7%净利润。
- 全球超350家机构投资者调查显示，73%计划2026年增加加密配置，84%正使用或探索稳定币，托管安全与监管清晰度是核心关注点。
- 瑞士先发优势来自2021年DLT法律框架及银行级托管商；但2027年生效的OECD CARF税务框架和FINMA牌照改革将考验其监管务实性。
Original Author: Jakub Dziadkowiec
Original Translation: TechFlow
Introduction: In January 2026, UBS, the world's largest wealth manager, enabled Bitcoin and Ethereum trading for select private banking clients. This development, while not unexpected in itself, becomes more intriguing when viewed within the broader Swiss context: approximately 20 Swiss banks now offer crypto services, covering over 2.5 million accounts. ZKB's client data shatters the stereotype that "crypto is a young person's game," while financial reports from multiple banks show digital asset operations becoming a tangible source of profit.
UBS Finally Enters the Fray
In January 2026, UBS officially opened direct Bitcoin and Ethereum trading for a portion of its Swiss private banking clients.
The world's largest wealth manager, overseeing over $4.7 trillion in assets, had historically maintained a conservative stance towards cryptocurrencies. Former Chairman Axel Weber publicly stated in late 2021, when Bitcoin hit its all-time high, that "anonymous payments will not survive."
The shift is driven by client demand and competitive pressure. Morgan Stanley opened crypto fund investments to all wealth management clients by the end of 2025, removing the previous restriction to high-risk-tolerant clients with assets over $1.5 million. JPMorgan allows select clients to use BlackRock's spot Bitcoin ETF as collateral for loans. Even Vanguard, the last "anti-crypto stronghold," capitulated in December 2025, permitting clients to trade crypto ETFs.
UBS is currently screening custody and execution partners, initially offering the service only to a small group of private banking clients in Switzerland. An expansion to the Asia-Pacific and US markets may follow.
Switzerland: The Global Leader in Bank Crypto Adoption
UBS's entry further solidifies Switzerland's crypto landscape. Currently, around 20 banks in Switzerland offer crypto services, the highest number globally. It is followed by the United States (15 banks) and Germany (12 banks).
These numbers reflect significant user adoption. After Zürcher Kantonalbank (ZKB) and PostFinance launched crypto services in 2024, they collectively provided crypto trading access to over 2.5 million Swiss accounts.
PostFinance, a systemically important state-owned bank, opened 36,000 crypto custody accounts and processed over 565,000 transactions in its first year of operation. This volume far exceeds a "pilot phase."
Crypto Buyer Profile: Not What You'd Expect
Peter Hubli, Head of Digital Assets at ZKB, admitted in an interview with The Big Whale that the bank initially expected crypto clients to be younger.
"This was probably the biggest surprise from the launch. Like many, we expected to attract a very young client base. But that was not the case at all."
The reality: The average age of ZKB's crypto buyers is between 30 and 50, predominantly male, and concentrated in its private banking rather than retail banking business.
A more critical statistic: Over 40% of crypto custody clients had no prior investment portfolio with ZKB. Their cash was lying idle in accounts. Crypto trading activated this "dormant capital," which otherwise would not have generated any asset management revenue.
Crypto Operations Are Already Profitable
Financial reports from several Swiss banks indicate that crypto is no longer in a "proof-of-concept" phase:
Maerki Baumann generates over 20% of its banking profit from digital asset operations. Approximately 10% of Swissquote's total revenue comes from crypto. At Arab Bank Switzerland, crypto assets constitute only 5% of AUM but contribute 7% of net profit.
While the scale might be modest, the profit share is disproportionate. The unit economics of crypto services appear superior to traditional banking operations.
Switzerland is Not an Isolated Case, But a Microcosm of Global Institutionalization
The moves by Swiss banks align with global institutional capital trends. A survey by EY-Parthenon and Coinbase in January 2026, covering over 350 institutional investors globally—including asset managers, family offices, and private banks—found that 73% plan to increase their crypto allocation in 2026, and 84% either already use or are exploring stablecoins.
Custody security and regulatory clarity remain the two primary concerns for institutional investors. Switzerland has a first-mover advantage on both fronts: the Distributed Ledger Technology Act (DLT Act) passed in 2021 provides a legal framework, while bank-grade custody providers like Taurus and Sygnum offer the necessary infrastructure. Switzerland's bank crypto adoption is, in essence, a local manifestation of the global trend of institutional entry.
OECD Tax Framework + FINMA License Reform: Two Tests for Switzerland's Advantage
The OECD's Crypto-Asset Reporting Framework (CARF), effective January 1, 2027, will end the era of tax opacity for crypto assets. FINMA's public consultation on licensing system reform, which concluded in February 2026, will redefine custody and stablecoin rules, with some clauses aligning with Europe's MiCA framework.
Ilya Volkov, a board member of the Crypto Valley Association, warns that excessive "regulatory micromanagement" could erode Switzerland's long-standing pragmatic advantage.
Whether Switzerland can maintain its global lead into 2027 will depend on the final implementation of this regulatory reform cycle.
