The financial director of Zug, Switzerland wants the Swiss Bankers Association (SBA) to make it easier for blockchain companies to meet their banking needs, reports local news portal cash.ch.

Director Heinz Tannlerand, together with financial director of Zurich Ernst Stocker, have suggested that if some of the complexities aren’t removed for Swiss-based blockchain companies wanting to open bank accounts, there is a strong likelihood that firms will look to do business elsewhere, in countries which have more crypto-friendly banking systems.

The request for the SBA to set up a working group to discuss these issues has been successful, and it will now begin to formulate recommendations for banks in how to deal with blockchain companies banking requirements in the country. The group consists of representatives of the Swiss National Bank (SNB), the State Secretariat for International Financial Affairs (SIF), the Swiss Financial Market Supervisory Authority (FINMA), the SBA, Hypothekarbank Lenzburg, and the cantons of Zurich and Zug.

Tännler said that blockchain offered great potential for Switzerland, stating that “it must not be that Switzerland loses an innovative industry because it makes payment transactions impossible”.

Apparently, banks in Switzerland are still hesitant to do business with blockchain companies until they are convinced that they are compliant with anti-money laundering regulations. This has been difficult for banks to establish, as until now existing Swiss financial regulations do not apply to blockchain companies. Banks basically want to see more regulation applied to this sector.

Two banks in Switzerland offer services to provide accounts to blockchain and cryptocurrency companies. Both the Hypothekarbank Lenzburg and Falcon Private Bank have opened such accounts in the past 12 months.

Switzerland’s collective head of state continues to offer governmental support for cryptocurrency exchanges, as it sees its entire economy being influenced by new technology, of which blockchain and cryptocurrency will both play a central role.

 

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