Switzerland which is home to more than 500 blockchain and crypto startups, is now moving forward to ease the country’s banking rules to support the blockchain wave. The Swiss Bank Association (SBA) has released a set of guidelines to Swiss banks last Friday, as it aims to provide seamless banking services to crypto focused companies and boost up the growth in the sector.
The guidelines by SBA was in response to hardening stance of Swiss banks towards the country’s cryptocurrency and blockchain companies and was reluctant to provide the full range of banking services. This was jeopardising the country’s hope of becoming the ultimate blockchain capital of the world.
Adrian Schatzmann, Strategic Adviser of the SBA, said:
“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 has issued multiple recommendations for crypto startups that are conducting ICOs. It has issued different sets of KYC, AML procedures for the firms that are raising funds through ICOs in form of fiat currencies and ICOs generating fund in form of cryptocurrencies.
Oliver Bussmann, Head of the Crypto Valley Association said: “This provides more clarity not only to banks but also to startups,”
The latest guidelines are the need of the hour as many blockchain and crypto startups were leaving the country to set up their bases to more crypto friendly nations. For banks also such hostile nature towards the cryptocurrency sector is nothing unexpected due to its reputation of association with money laundering and fraud.
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