New SBA Guidelines: Swiss Banks Will Cooperate with Blockchain Companies
On September 20, Swiss Bankers Association (SBA) has announced the issue of new guidelines for banks in Switzerland. SBA suggests supporting blockchain companies and allowing them to open corporate accounts.
Purpose of New Guidelines
The aim of new rules – to make local financial institutions to cooperate with DLT-based startups and prevent the moving of crypto companies from the country.
According to the released document, the number of the companies working with DLT has significantly increased. As a result, SBA sees the promotion of the technology relevant and useful – therefore, it intends to create positive conditions for blockchain companies’ growth.
SBA emphasizes that the opening of corporate accounts should be done in compliance with the existing regulations – SBA is ready to provide legal consultations if needed.
What Does SBA Suggest?
Association of banks divides DLT-based businesses into two groups – those which do not launch ICOs and the companies intending to organize ICOs.
Organizations which are not planning to conduct ICOs are treated as SME companies – they open bank accounts as all small and medium enterprises. This means that strict legal regulations which govern account opening for SMEs apply to DLT-based businesses without crowdfunding.
If, however, a company plans to raise capital via ICO, it gets a chance to do so in fiat and crypto. If the capital is raised in crypto, additional requirements are imposed, such as KYC and AML. These companies should also guarantee that the process of crowdfunding is transparent and easy to understand.
Currently, just several banks from almost 250 Swiss financial institutions allow blockchain companies to use banking services. So, with the new guidelines, SBA plans to make the DLT environment more welcoming and inspire the DLT-based businesses’ enlargement.
Blockchain companies and banking system will be discussed by crypto experts at the Blockchain & Bitcoin Conference Switzerland.