SBA to enable blockchain companies open bank accounts in Switzerland

Due to the problems faced by blockchain and crypto companies in the country when it comes to opening bank accounts, Heinz Tännler, the Financial Director of Zug, a town in Switzerland, decided to bring the issue to Federal Council Ueli Maurer’s notice. Tännler seemed concerned about the risk of losing potential business to countries with more crypto-friendly banking environments, according to online publication Coin Frenzy.

The nascent technology offers great potential for the country, and Switzerland should not lose such an innovative industry simply because the banking environment makes payment transactions impossible, the financial director added. Maurer also called a meeting for the SNB (Swiss National Bank), the SIF (State Secretariat for International Financial Affairs), the Swiss FINMA (Financial Market Supervisory Authority), Hypothekarbank Lenzburg, the cantons of Zurich and Zug, and the SBA.

As a result of the meeting, the SBA has set up a working group to develop recommendations for Swiss banks on how to deal with blockchain and crypto companies in order to open an account. The recommendations developed by the group will also be consolidated with the Swiss FINMA.