Cointelegraph auf Deutsch reported June 6 that Hypothekarbank Lenzburg has become the first bank in Switzerland to provide business accounts to blockchain and cryptocurrency companies.
Although another bank,Falcon Private Bank is providing crypto asset management services since last year, Hypothekarbank Lenzburg CEO Marianne Wildi confirmed that they are the first bank in the country to open company accounts for blockchain and crypto-related fintech companies.
As per the official statement, Wildi stated,
Wildi noted that the bank was aware of “the money laundering problem in crypto companies and Initial Coin Offerings (ICOs)”.
The bank claims to have minutely and critically examined the persistent risk and compliance issues in addition to informing the Swiss Financial Market Supervisory Authority (FINMA) before going ahead with the decision.
According to Wildi, the Hypothekarbank Lenzburg is actually very selective in accepting new customers, and till date has accepted only two companies from the crypto industry. Before accepting a new client, the bank performs a rigorous due diligence process.
The Swiss canton of Zug has become a global hub for the cryptocurrency industry, claiming the title of “Crypto Valley.” Despite the influx of crypto business, restrictive bank policies toward crypto companies forced firms to look abroad for banking services.
Bank Frick of Lichtenstein, sees no compliance risks to their reputation in doing business with Swiss crypto firms. In February, Bank Frick introduced direct crypto investment and cold storage services for Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum.
The Principality of Liechtenstein has become a major financial hub in Europe and aims to play a pivotal role in the Fintech industry as well. Comprehensive blockchain legislation, regulating blockchain business models and underlying blockchain systems were introduced by the government in March this year.