Switzerland is striving to become a Crypto Nation. Despite a number of problems, for it is one step closer to providing traditional banking services to blockchain and crypto companies with offices in the country.
At the same time, local banks fear to open accounts for such companies due to AML and KYM regulation. As commented the head of Financial Department in Zug, Hainz Tannler, blockchain companies must strictly fight against money laundering and its reasonable that banks are careful with the regulation.
Traditional banking institutions in Switzerland are reportedly unwilling to deal with unclear and suspicious crypto transactions. Moreover, they believe that the privacy and anonymity that cryptocurrencies can make easy illegal activities, including money laundering.
The official thinks that the country should work on the way to settle the current problems, as startups can relocate to the countries without such banking restrictions, in particular, Malta or Singapore. The latter are doing a lot to lure blockchain companies. As a result, lack of access to the bank services leaves Switzerland behind.
According to the Swiss officials, they have already started looking for solutions and this sector may receive full access to banking very soon. Specifically, Hains Tannler called Swiss Bankers Association to create a task force to assist blockchain companies in opening accounts.
Despite the position of the authorities, the crypto community is seriously concerned about a lack of banking services for the companies in the segment.