UBS is planning to make cryptocurrency investing available to some private banking clients, a move that would mark a notable shift into digital assets for one of the world’s largest wealth managers.

The Swiss banking group, which oversaw about US$4.7 trillion in wealth assets as of Sept 30, is in the process of selecting partners for a potential crypto offering, people familiar with the matter told Bloomberg.

Discussions have been ongoing for several months, and UBS has not yet made a final decision.

UBS is expected to initially allow select private banking clients in Switzerland to buy and sell Bitcoin and Ether, before potentially expanding the offering to Asia Pacific markets and the US.

Offering direct access to cryptocurrencies would represent a change in stance for UBS, which has historically been cautious on digital tokens.

The shift comes as peers such as JPMorgan Chase and Morgan Stanley expand their crypto-related services following Donald Trump’s return to the White House, increasing competitive pressure across global wealth management.

“As part of UBS’s digital asset strategy, we actively monitor developments and explore initiatives that reflect client needs, regulatory developments, market trends and robust risk controls,”

a UBS spokesperson said.

“We recognise the importance of distributed ledger technology like blockchain, which underpins digital assets.”

Until now, UBS has focused its digital asset efforts on blockchain-based infrastructure, including tokenised funds and payments, rather than crypto trading.

Like other global banks, strict capital requirements under the Basel III framework have constrained UBS.

UBS has previously allowed wealthy clients in Hong Kong to trade crypto-linked exchange-traded funds and continues to assess broader opportunities as institutional involvement in digital assets grows.

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