Swiss Bankers Ease Access for Crypto Startups to Prevent Mass Exodus

The Swiss Bankers Association 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.

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 issue tokens either in fiat or in crypto.

Companies whose ICOs are funded via digital coins will have to comply with stricter rules and fall under the Swiss AML and KYC laws.

The SBA guidelines will treat the acceptance of cryptocurrencies under ICOs as a "Spot transaction." As per the scheme provided by SBA, ICOs funded with fiat are placed under the same rules as blockchain companies with no ICOs.According to Reuters, the move comes amid a recent exodus of crypto-related startups who have failed to get access to the Swiss banking sector.

As the news agency has learned, only a few of almost 250 local banks have allowed to assets raised via crypto to be stored.

"We believe we'll be able to establish a basis for discussion between banks and innovative startups facilitating the opening of accounts."

As Cointelegraph reported earlier in June, Hypothekarbank Lenzburg has become the first bank in Switzerland to provide business accounts to blockchain and cryptocurrency companies.