The private Bank Maerki Baumann of Zurich has announced that it will work with cryptocurrency assets. He will become only the second Swiss Bank that will accept money received as a result of transactions with cryptocurrencies.
Most banks will not work with similar assets. The main reason why financial institutions refuse to deal with money related to cryptocurrency transactions — the difficulty of verifying the origin of assets, in accordance with the rules of anti-money laundering (AML).
Direct investment in cryptocurrency Maerki Baumann does not, but is ready to provide customers with consulting services. The Bank recognizes that experience in this area he bit.
“Maerki Baumann is closely monitoring the development of these investment vehicles and the underlying regulation without the commitment to participate in this area. This applies to investments in cryptocurrency, and the technology required for trading and storage of these tools. Currently we are considering crypto-currencies as an alternative investment mechanisms, but have limited experience and data (prices, volatilities, trading volumes), available in our company”, — reads the statement of the Bank.
The Bank will be able to hold only assets derived from payments for services rendered or for mining. To invest in cryptocurrencies Maerki Baumann is skeptical, believing that they are not suitable for long-term investments because of uncertainty.
Recall that mainly because of concerns of financial institutions regarding compliance with AML regulations in several countries there were problems with the banking service from cryptocurrency exchanges. For example, in Chile cryptobiina BUDA and Orionx managed to achieve the resumption of service only through the courts. And in Poland, a crypto currency exchange BitBay, finding no opportunity to obtain banking services in the country, decided to move to Malta.