27 Jun 2018
Switzerland helps Blockchain firms to open bank accounts in the country. The Swiss Bankers Association will work on the recommendations for banks on how to deal with local Blockchain firms in order to set up an account.
27 June, AtoZ Markets – The local reports in Switzerland stated that Heinz Tännler, the Financial Director of Zug has urged the Swiss Bankers Association (SBA) to form a group to help Blockchain firms to open bank accounts.
In Switzerland, Blockchain and cryptocurrency related companies usually face difficulties when trying to set up banking accounts. Therefore, Tännler and the Financial Director of Zurich Ernst Stocker have decided to act on the issue. They have brought the problem to the attention of Federal Council Ueli Maurer.
Reportedly, Tännler is particularly concerned about the risk of losing business to nations with more cryptocurrency friendly regulations. He has stated that Blockchain now offers a great potential for Switzerland, adding that "it must not be that Switzerland loses an innovative industry because it makes payment transactions impossible."
Ueli Maurer has decided to call a meeting with representatives of the Swiss National Bank (SNB), the State Secretariat for International Financial Affairs (SIF), the SBA, Hypothekarbank Lenzburg, the Swiss Financial Market Supervisory Authority (FINMA), and the cantons of Zurich and Zug.
The meeting has resulted in a working group that is led by the SBA. The SBA is required to work on the recommendations for banks on how to deal with local Blockchain firms in order to set up an account. The authority will also consult with FINMA on these recommendations.
As per local media outlets, the Tax Directorate of the Canton of Zug has published a statement noting that the key reason for the lack of legal clarity from banking side comes from the necessity of compliance with the financial market regulations. It appears that the current regulations, including the money laundering ones, are not adapted to apply to Blockchain companies.
Earlier this month, Hypothekarbank Lenzburg has become the first bank in Switzerland to offer Blockchain and cryptocurrency companies the chance to open a business account.
According to online resources, the CEO of Hypothekarbank Lenzburg, Marianne Wildi has confirmed that the bank is recorded as the first bank in the country to open company accounts for Blockchain and crypto-related fintech businesses.
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