According to reports on June 6, Hypothekarbank, Lenzburg, Switzerland becomes the first in the country to offer business accounts to crypto companies.
Switzerland has been in news for a long time now. As we know, Switzerland was ranked the first crypto friendly country in Europe at the Blockchain Conference BlockShow Europe 2018 and has been in ever since.
While digital asset management services were being provided by Falcon Private Bank since last year. Marianne Wilde, CEO of Hypothekarbank Lenzburg has confirmed that they are the first bank in the country to open company accounts for blockchain and crypto-related fintech companies.
Marianne Wildi said, “As a bank that sets itself up technologically and pursues a cooperative strategy in the field of fintech, it is also a matter of credibility to work together with the young sector of crypto and blockchain companies in Switzerland”.
Marianne has noted that she was aware of the “money laundering issues the sector of crypto companies and Initial Coin Offerings (ICOs).” Hypothekarbank has very carefully examined the risk related and compliance problems “very precisely.” This was done prior to informing the Swiss Financial Market Supervisory Authority (FINMA) before deciding to cooperate with crypto startups.
Wildi also said that the Hypothekarbank is very selective in accepting new customers. The bank has only taken two banks from the crypto industry. The bank is taking every step carefully and therefore before accepting any client, they perform a meticulous process.
We have come across Zug, the canton of Swiss also known as the crypto valley has become the global hub of crypto industry. Despite the entry of a crypto business, restrictive bank policies toward crypto companies forced firms to look abroad for banking services.
For example, Bank Frick of Lichtenstein has no compliance issues or risk of their reputation in carrying out business with Swiss crypto companies. The bank has no issues with crypto companies in February introduced direct crypto investment and cold storage services for Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum.
In Europe, the Principality of Liechtenstein has become a major financial hub. It also aims to play a crucial role in the fintech industry as well. In March, the government introduced comprehensive blockchain legislation, regulating blockchain business models and underlying blockchain systems.