The head of the financial Department of the Swiss Canton of Zug Heinz Tannler called the Swiss bankers Association (SBA) to establish a working group to facilitate the blockchain-companies in opening Bank accounts, according to Cash.ch.
Since the blockchain and cryptocurrency companies are facing difficulties in opening Bank accounts, Tendler and head of indepartmental of Zurich Ernst Stoker discussed the matter with the Vice-President of Switzerland Ueli Maurer.
Tannler, expressed concern about the risk of losing business, which can go to countries with more favorable banking environment. The official said that the blockchain is great potential for Switzerland, which “must not lose the innovation sector because of the impossibility of making payments”.
Later, Maurer has held a meeting with representatives of the Swiss National Bank (SNB), the Secretariat for international financial matters (SIF), Service on supervision over the financial markets in Switzerland (FINMA), SBA, Hypothekarbank Lenzburg and the authorities of the cantons of Zurich and Zug.
In the framework of this meeting, a working group headed by the SBA, which is mandated to develop recommendations for banks on work with the local blockchain companies when opening accounts. It is expected that these recommendations will be agreed upon with FINMA.
The tax administration of the Canton Zug has published a statement which said that the reason for the lack of legal certainty from banks is the need of observance of all rules, particularly in relation to combating money laundering. The existing order of financial market regulation is not intended for companies using the blockchain, sure management.
We will remind, in may, the organizers of the conference BlockShow Europe 2018 amounted to a pan-European rating of the most friendly countries for cryptocurrencies and blockchain projects, headed by Switzerland.