The Swiss bankers Association (SBA) has issued a set of guidelines designed to strengthen the availability of financial services to cryptocurrency companies, in response to the stubbornness of many banks in providing financial services to crypto-related businesses.
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The guidelines, published by the bankers Association, are a response to the growing concern that the reluctance of many banks to provide financial services to cryptocurrency companies may lead to the termination of the launch of cryptocurrency and blockchain startups in Switzerland.
Adrian Schatzmann, strategic Advisor to SBA, said:
We believe that with these recommendations we will be able to create a basis for discussion between banks and innovative start-UPS, simplifying the dialogue and facilitating the opening of accounts.
Various procedures for crypto companies
The guidelines describe a number of operational recommendations for banks cooperating with cryptocurrency companies.
SBA provides specific recommendations to the firms that conduct primary supply of coins (ICO), also offering a separate procedure for confirmation of identity of customer (KYC) and anti money laundering (AML) for companies who collect money through ICO, generating means in the form of cryptocurrency.
"This provides greater clarity not only for banks but also for startups," said Oliver Bussmann, head of the crypto valley Association.
Creating an enabling environment
The guidelines were issued in response to the growing excitement among Swiss financial institutions regarding partnerships with crypto-companies.
The Reuters publication cites sources claiming that " banks are concerned that some of the companies that have conducted ICOS have not conducted AML checks for their investors, which means that the banks themselves cannot use the AML rule."
Given the fact that Mr. Bussmann estimated that 530 crypto-DLT companies and startups, leading operations in Zurich and Zug, have to stay, and local companies should help these companies to access basic financial services.
SBA Deputy chief Executive officer August Benz noted that "although the initial discussion between SBA and local financial institutions has been positive so far, it will take time to assess the impact of the new guidelines."
Link to information resource - https://altstake.io/news/associaciya-shveycarskih-bankirov-zaschischaet-kripto-kompanii