Two Swiss Banks Open Doors To Crypto-Related Businesses
Two major Swiss banks have recently announced that they will be offering financial services to businesses that are from the blockchain and crypto industry.
As reported by International Investment, Maerki Baumann, a Zurich-based private bank, will be now offering financial backing to crypto and blockchain companies. According to the report, the bank will not be offering crypto investment services but will accept funds resulted from cryptocurrency operations. The bank will be also providing crypto experts for the clients that require them.
But the financial institution admitted in a statement that it lacks experience in crypto-related matters.
“Maerki Baumann closely monitors the development of these investment vehicles and the underlying regulation without our commitment to engage in this area. This concerns investments in cryptocurrencies as well as the technologies required to trade and store these instruments. We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data (prices, volatility, trading volumes) available in our house,” read the statement.
Maerki Baumann’s move to accept money generated by the crypto sector might contribute to bringing closer the country’s dream of becoming a crypto nation. As cryptocurrencies are starting to gain momentum with public investors, a majority of the country’s banks want no involvement with any kind of money produced by the crypto environment.
They cited that the reason for refusing earnings resulted from crypto endeavors is that they are difficult to verify. Because of this, financial institutions encounter hardships when it comes to complying with current money laundering regulation requirements.
Swiss citizens that owned cryptos were forced to change their banking arrangements because of this, and migrate to other institutions such as Bank Frick Liechtenstein, which offers crypto investment support and accepts money made form crypto. As Maerki Baumann decided to accept crypto-related funds, Swiss crypto holders won’t have to do their banking outside of their country.
However, this is not the first Swiss bank which made the decision to open its door to crypto businesses and investors. It was reported in July that another Zurich-based called Falcon Private Bank will start offering financial services to crypto firms. Nevertheless, the bank stated that it will be checking its potential clients if they have any involvement with money laundering activities.