Switzerland Looks to Liberalize Cryptocurrency Banking Access

Switzerland Looks to Liberalize Cryptocurrency Banking Access

According to reports from cryptocurrency services and analysis, Switzerland is among the fast-growing countries when it comes to the cryptocurrency industry. Due to this fast-growth of Switzerland, the cryptocurrency industry may fully have access to the conventional banking services by mainly the beginning of next year or late this year. According to a top policymaker in Switzerland, “if Switzerland is removed one of its future growth restrictions, then it will definitely have control over all the cryptocurrency industry.”

Looking behind, traditional banks so far have refused largely in operating countries crypto-valley start-ups, rules of managing clients and preventing the biggest problem in the anti-laundry of money and related money rules. According to reports, it was reported that many new companies which previously had clustered in Zug, a small town on the lakeside of Zurich are now shifting to other bank services elsewhere and mostly in Liechtenstein.

“We expect Swiss regulators and politicians to remove all the obstacles which may arise at the beginning of next year so as to facilitate smooth operation of banks and crypto companies, same as other companies and industries are operating.” Heinz Tannler the financial director at Zug Canton.

Heinz Tannler the financial director at Zug Canton told the financial times that they hope that they can clear all their relationships with crypto companies by end of this year. He further stated that “as time is pressing on, jurisdictions like Singapore and Malta are so active in making all deals in attracting these companies. According to crypto banking, it would be a great disadvantage to lack access in the banking services making this a significant competition.”

Mr. Heinz Tannler the financial director at Zug Canton added that the central bank of Switzerland, the federal government, and the financial supervisor are very willing to push these national institutions in resolving the problem of efficiency quickly and this seems to be going very well.

And I quote, “companies with active blockchain should receive banking services like other companies. By doing that, this cryptocurrency banking will be liberalized and dined the opportunity of choosing other different domiciles, i.e. like countries such as Liechtenstein which would take advantage of the institutions to choose this domiciles.”

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