Swiss Bankers Ease Access for Crypto Startups to Prevent Mass Exodus
By Ana Berman The Swiss Bankers Association (SBA) has issued basic guidelines for banks working with blockchain startups on Friday, September 21. As Reuters reports, the measure was taken to prevent a mass crypto exodus out of Switzerland. The document states that banks see blockchain as an opportunity for Switzerland to house financial and technology startups despite "risks," especially money laundering. Due to a significant increase of crypto-related companies based in the country, the SBA has decided to provide a road map for banks to open their corporate accounts. The guidelines divides blockchain companies into two large groups: those with and those without Initial Coin Offerings (ICO). Blockchain companies without ICOs should be treated like other small- and medium-sized companies, and will be obliged to accept relevant Swiss regulations and apply them to their business models. The second group includes blockchain startups with ICOs who issu...