Well here is something totally unknown here in the U.S. The Swiss are actually trying to make the financial banking system EASIER to access for blockchain companies. While Zug, Switzerland has become a sort of crypto hub for blockchain startups and innovation, access to a bank account is still……well, complicated. So before these firms begin leaving (why would you want to leave Switzerland??), the SBA (Swiss Bankers Association) has just issued new guidelines to banks who may want to tap into this market. Great collaboration and take a quick read to understand the ‘whys’ banks need to create guidelines.
(Bill Taylor/Fintek Capital)
“ZURICH (Reuters) – In an effort to maintain its status as a cryptocurrency hub, Switzerland has taken steps to help blockchain companies access the traditional financial system by making it easier for them to open corporate bank accounts.
Faced with an exodus of cryptocurrency projects from the country due to falling access to the banking sector, the Swiss Bankers Association (SBA) on Friday issued guidelines to banks who may want to do business with the start ups.
Around 530 blockchain startups have settled in Switzerland’s Crypto Valley hub around Zurich and Zug, Oliver Bussmann, head of the Crypto Valley Association said.
The companies need access to traditional banking services to deposit cash, pay salaries and carry out other day-to-day financing activities, but Swiss banks fear falling foul of anti-money laundering (AML) rules and other regulations.
“We believe that with these guidelines, we’ll be able to establish a basis for discussion between banks and innovative startups, making the dialogue simpler and facilitating the opening of accounts,” SBA strategic adviser Adrian Schatzmann told a news conference.
Only a handful of Switzerland’s 250 banks ever allowed companies to deposit the cash equivalent of cryptocurrencies raised in digital fundraisers known as initial coin offerings (ICOs)…”