So far, Swiss banks have been refusing bank accounts to cryptocurrency businesses, but that may soon change. A group of bankers and government officials is working on the subject.
Switzerland is very progressive towards cryptocurrencies. The Crypto Valley in the Zug canton is a home to many crypto-related firms. Unfortunately – a majority of them couldn’t open bank accounts, as most banks have been refusing them.
Fortunately, this situation may soon change for the better. Heinz Tännler, the finance director of the Zug canton, said that he expects Swiss regulators to address this problem in the coming months.
“We hope to clarify relationships by the end of the year at the latest. Time is pressing – other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”
Malta, Singapore, Gibraltar
The issue is a serious one. “Starving startups of bank accounts is akin to killing the goose that laid the golden egg,” – said Guido Schmitz-Krummacher, former director of Tezos foundation and cryptocurrency expert.
“I am already seeing projects choose Singapore, Malta and Gibraltar because they can’t get a bank account in Switzerland. They will be followed by projects already established in Switzerland unless the banks and politicians address this topic.”
Do you think that Switzerland will allow cryptocurrency firms access to banking services? Let us know in the comments below!