Swiss bank turns to crypto companies

The first Swiss bank is ready to provide the opportunity to open an account for companies working with cryptocurrency.

Switzerland is considered one of the most hospitable countries for cryptocurrency. All conditions have been created here for the successful functioning of a crypto business, and the canton of Zug is even called “Crypto Valley”.

Paradoxically, with all the attractiveness for the crypto industry, opening an account in a Swiss bank for crypto companies, until recently, it was almost impossible. Conservative and extremely suspicious, the Swiss banking system was in no hurry to provide support to representatives of the crypto industry. Swiss banks, citing strict anti-money laundering rules and legal quagmires, are avoiding crypto businesses. Such a refusal negates all the efforts of official Switzerland to become a “crypto-nation” and attract leading players in the cryptosphere. Despite this, restrictive banking policies prevented the opening of Swiss bank accounts and forced companies to cooperate with foreign financiers.  

Now the situation has moved on and the country's first regional bank, Hypothekarbank Lenzburg, is opening its doors to crypto firms. 

Hypothekarbank Lenzburg is a medium-sized regional bank with a history of mortgage lending and a strong interest in digital solutions. Today it is the only bank in Switzerland that practices "open banking", opening application program interfaces or APIs to external fintech firms. 

The Bank intends to develop cooperation with blockchain and cryptocurrency startups in Switzerland, despite the presence of such threats as problems of money laundering through the ICO procedure. Therefore, bank representatives consulted with the Financial Market Supervisory Authority (FINMA) to develop a strategy for working with crypto companies. The selection and registration of new clients is carried out very carefully, in compliance with all KYC policy rules. So far, only two companies have managed to pass all the checks and become a client of the bank.

At the moment, the few banks that welcome cryptographic firms include Falcon Private Bank, which offers crypto asset management services, Bank Frick from Liechtenstein, offering cold storage services for cryptocurrencies and Hypothekarbank Lenzburg, which opens accounts for crypto companies.