Blockchain

Specialised Working Group in Switzerland to Help Blockchain Companies Open Bank Accounts

The Financial Director of Zug in Switzerland, Heinz Tännler recently called on the Swiss Bankers Association (SBA) to create a specialized working group which will aim at helping blockchain companies to open bank accounts, as reported by the local news outlet cash.ch.

According to Tännler, nowadays blockchain companies face major difficulties with opening a bank account so together with the Financial Director of Zurich Ernst Stocker, the two leaders decided to bring the issue to the attention of Federal Council, Ueli Maurer. The key highlighted concern by Tännler in these terms was the risk of “losing business to countries with more friendly banking environments”.      

“Blockchain offers great potential for Switzerland and it must not be that Switzerland loses an innovative industry because it makes payment transactions impossible”, said Tännler.

It was reported that as a result of a general meeting with representatives of the Swiss National Bank (SNB), State Secretariat for International Financial Affairs (SIF), Swiss Financial Market Supervisory Authority (FINMA), SBA, Hypothekarbank Lenzburg, and cantons of Zurich and Zug, the new specialised working group was created which will be led by SBA. The new working group will be aiming at developing recommendations for banks on how to deal with local blockchain companies in order to open an account.

The local news outlet also stated that the Tax Directorate of the Canton of Zug highlighted in a recent statement that the main reason for the lack of legal certainty from banks is due to the necessity of compliance with all financial market regulations. The risks are mainly connected with money laundering.

Earlier it was announced that the major Swiss Hypothekarbank Lenzburg became the first ever financial institution in the country to provide business accounts to blockchain and crypto companies.

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