How to open a crypto bank account in Switzerland
Crypto

How to open a crypto bank account in Switzerland

By Fabio Lugano - 24 Sep 2018

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Switzerland is at the forefront of the cryptocurrency industry.

It is called the Crypto Valley not without a reason, an area in which a large number of fintech companies are concentrated.

This poses a problem in relation to the ordinary financial and banking system, whose restrictive standards do not always coincide with the elasticity of ICOs.

For this reason, the Swiss Bankers Association (SBA) has issued guidelines for its members to define the conditions and requirements that companies linked to virtual currencies must follow in order to open current accounts.

In the past, the opening of banking relationships was one of the most critical moments for a company that wanted to start its business in the field of virtual currencies, starting from compliance with AML and KYC regulations.

The SBA is trying to accommodate new activities, so much so that the guidelines are developed in collaboration with the Crypto Valley Association, the organisation of DLT entrepreneurs based in the canton of Zug.

These guidelines differ depending on the financial structure of the new companies and they separate between companies that do not launch and ICO and those that instead use this tool to finance their project.

In the first case, the companies use blockchain technology only as a tool and therefore the requests from the informative point of view of the bank will not be different from those applied to other customers and the general legitimacy of their business.

In the case of token sales, on the other hand, companies will be asked to provide additional information so that the general collection of investments is consistent with the Swiss AML and KYC regulations; moreover, the acceptance of cryptocurrencies is expected to take place in the same way as the acceptance of cash.

Fabio Lugano
Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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