Switzerland is a must-have financial center, so it must be on the lookout for new technologies. Moreover, two major banks in the country have just announced that they would offer their services to cryptocurrency companies and Blockchain.
Maerki Baumann opens its doors to crypto-scholarships
According to a report by International Investment, Maerki Baumann, a private bank based in Zurich, now provides services to cryptocurrency companies and Blockchain. Although it avoids investing in virtual currencies, the financial institution accepts money generated by companies related to cryptocurrencies. It puts emerging technology experts, including cryptocurrencies, at the disposal of its customers.
Nevertheless, Maerki Baumann admits to having no experience related to this area.
“Maerki Baumann is closely monitoring the evolution of these investment vehicles and the underlying regulations without engaging in this area. This concerns investments in crypto-currencies as well as the technologies needed for trading and storing these instruments. We currently consider crypto-currencies as alternative investment vehicles, but we have limited experience and data (price, volatility, trading volumes) available in our company. “
An obstacle to the adoption of crypto-currencies
There is no doubt that this initiative will promote the country’s ambition to become a European or global center favorable to blockchain and crypto-currencies. However, even though virtual currencies are gaining popularity, most of Switzerland’s banking institutions refuse any relationship with the industry.
The source of money from the cryptocurrency environment is difficult to verify, which justifies the refusal of Swiss banks to accept the gains from this sector. This is one of the reasons why financial institutions encounter problems with compliance with the current requirements for money laundering regulations .
Members of the crypto-Swiss community had to resort to banking services outside the country’s borders. They opt for example for Bank Frick which offers support to crypto-investors and accepts funds in Bitcoin and altcoins. Knowing that Maerki Baumann accepts funds in cryptocurrencies, citizens no longer have to do their banking outside the country.
This is not the first time that a Swiss bank has opened its doors to the cryptocurrency industry. Falcon Private Bank, another Zurich banking institution has been offering its services to crypto-bourses since last July. However, it remains vigilant in verifying the possible involvement of their customers in illegal activities such as money laundering.
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