Heinz Tannler, the Financial Director of Zug, the crypto valley of Switzerland, has called on the Swiss Bankers Association (SBA) to bring blockchain companies into the traditional banking sector. Cash.ch reported that they would create a working group headed by the SBA to help facilitate this idea.

Blockchain companies have a difficult time opening bank accounts in Switzerland. Tannler, who is concerned about losing crypto and blockchain companies to foreign countries, said that blockchain offers a great potential, but “it must not be that Switzerland loses an innovative industry because it makes payment transactions impossible.”

He collaborated with the Financial Director of Zurich, Ernst Stocker, and presented the issue to the Federal Council, Ueli Maurer. He also called a meeting with the Swiss National Bank (SNB), the SBA, the State Secretariat for International Financial Affairs (SIF), Hypothekarbank Lenzburg and the Swiss Financial Market Supervisory Authority (FINMA). Zug and Zurich cantons were also called in the meeting.

Following Tannler’s efforts, a working group headed by the SBA has been created that will develop recommendations for banks and will help them open bank accounts for blockchain companies. These recommendations will also be compliant with FINMA (Swiss Financial Market Supervisory Authority).

As reported by Cash.ch, the Canton of Zug’s Tax Directorate commented that the primary reason behind banks’ lack of legal certainty is that blockchain companies in Switzerland find it difficult to find a bank in which to open an account. So responsibility falls on the banks to ensure that all financial market rules are adhered to. It emphasized laws related to money laundering, which are currently not updated for the blockchain and crypto industry.

Hypothekarbank Lenzburg is the first bank in the country to provide business accounts to companies working in the blockchain and cryptocurrency industry. Falcon Private Bank has been offering crypto asset management services to crypto companies since 2017, but it still doesn’t provide bank accounts to these companies.

Swiss Still Bullish on Blockchain – Banks to Ensure Easy Access to Services for Blockchain Companies was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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