Banks in support of crypto assets
In a recent report, the Swiss Bank Association (SBA) has made an attempt to change the way Banks in Switzerland perceive cryptocurrencies and to stop the rejection of crypto-related companies. The SBA is the umbrella organization of the financial system in Switzerland and as such is aiming to achieve the best results for Banks. Another one the objective is to make an optimum financial framework condition for the Swiss bank.
There has been a brand new set of guidelines by the SBA indicating ways for banks to become more creative in the crypto sector. As many Banks are reluctant to cooperating with businesses in the crypto environment. At the beginning of this year, the financial director of Zug was calling for the SBA to make it easier for Blockchain innovative organizations to meet any banking requirements.
As mentioned by the financial director of Zurich Ernst Stocker and Director Heinz Tannlerand, that there needs to be less complexity in order for Swiss Banks to develop with Blockchain companies. As more Blockchain oriented companies are in the process of opening a bank account, and if not taken serious firms will move businesses to countries that are more crypto-friendly.
The way cryptocurrencies are meant to be
Strategic adviser at SBA Adrian Schatzmann has stated that:
“We believe that with these guidelines we’ll be able to establish a basis for discussion between banks and innovative start-ups, making the dialogue simpler and facilitating the opening of accounts.”
Recently the SBA has suggested separate AML procedures for cryptocurrencies and fiat currencies that are based on fundraising like ICO’s. This will provide more clarity to banks and start-ups alike said Oliver Bussman of the Crypto Valley Association. The opinions and suggestions expressed is a means of helping banks alleviating concerns about AML and concerns around ICO’s companies.
Reuters has shown concerns regarding the cited sources within the banking community that thinks Banks are worried about companies that have started ICO’s without proper AML checks for contributors, which can make banks fall short of normal AML rules.
There are more than 530 crypto and DLT companies that have started companies in Zug and Zurich, this makes Switzerland one of the successful countries to be in the Blockchain and Fintech industry.The MME partner Marin Eckert stated that:
“Swiss regulators are among the few that really have an in-depth understanding of the technology and how it works.”
This is the countries openness to new business innovations and concepts that according to the Swiss law firm MME has pushed most business decisions in the country.
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