Switzerland to Help Local Blockchain Companies Open Bank Accounts

One of the main reasons why there aren’t many blockchain and crypto companies operating in Switzerland, is the hardship that companies face when it comes down to opening bank accounts.

To fix this issue, the Financial Director of Zug, Heinz Tännler asked the Swiss Bankers Association (SBA) to look into creating a working group that would help blockchain companies open local bank accounts and make payments. Additionally, the issue was also brought to the table of Ueli Maurer, a Federal Council.

While presenting his arguments, Tännler talked about the big potential of blockchain technology, and mentioned that: "It must not be that Switzerland loses an innovative industry because it makes payment transactions impossible."

In response, the Federal Council arranged a meeting consisting of representatives from the State Secretariat for International Financial Affairs, the Swiss National Bank (SNB), the Swiss Financial Market Supervisory Authority, the cantons of Zug and Zurich, alongside the Hypothekarbank.

Following the meeting, a working group supervised by the SNB has been created. It will come up with recommendations for local banks, referring to how they should deal with blockchain companies interested in opening accounts. The Market Supervisory Authority will ensure that the recommendations are respected.

According to the Tax Directorate of Zug, the issue pertained to the lack of a regulatory framework, suited for blockchain technology and digital currencies. Therefore, compliance with anti-money laundering directives was difficult.

At this time, there are two banks open to blockchain companies: one of which provides business accounts, whereas the other offers crypto asset management services. Yet, blockchain companies are in need of more services, tailored to their specific business needs. Now, that the working group has been created, this will likely happen during the next couple of months.