Switzerland is getting closer to providing traditional banking services to a large number of bitcoin and blockchain-companies that are based there. This opinion was expressed by Heinz Tannler, head of financial Department of the Swiss Canton of Zug, one of the key centers of the blockchain-industry of the country, writes the Financial Times.
According to Tendler, he understands the reluctance of banks to provide full services crypto and blockchain-companies.
“A blockchain company needs to counter money laundering and to comply with other rules. I can understand the banks that are cautious in matters perform KYC and AML rules”, — noted the official.
In his opinion, it is critical to ensure access to banking services for startups to prevent them from moving to jurisdictions that do not impose such restrictions on the access to banking services.
“Time is running out. Other jurisdictions such as Malta and Singapore are very active and put a lot of effort to attract these companies. The lack of access to banking services is a significant competitive disadvantage,” said, Tendler.
He also believes that removing banking obstacles faced cryptocurrency is more a matter of time.
“We hope to clarify the relationship to the end of the year,” added Tendler.
Note that this is not the first statement of the Heinz Tannler of this kind in recent days. So, at the end of June, he urged the Swiss bankers Association (SBA) to establish a working group to facilitate the blockchain-companies in opening Bank accounts.
Despite the fact that the authorities welcome the financial innovations associated with cryptocurrencies, the absence in Switzerland of banking services for cryptocurrency startups continues to cause concern in the community.
“You can do a lot with scriptactive, but you can’t pay the rent and to pay a salary”, — said General Director of the Swiss blockchain startup Coinlab Capital Alain Kunz.