9.08.2018. Swiss banks open for cryptocurrency assets

News

Two Swiss banks: Falcon Private Bank and Maerki Baumann private bank in Zurich are accepting money that was generated through business involving cryptocurrencies.

Most Swiss banks refuse to accept such money bacause the assets may be hard to verify to comply with money laundering regulation. Clients therefore take their assets elsewhere, for example Liechtenstein – bank Frick Liechtenstein is accepting such funds and provides support with investments in cryptocurrencies.

However in Maerki Baumann bank only crypto assets from payments received for a service rendered or from mining successes can be kept with the bank, not direct investments in cryptocurrencies.

Even with the service provided, Maerki Baumann is still sceptical of some cryptocurrency investments. “In general, we currently advise against larger investments in cryptocurrencies. Cryptocurrencies are not, in our estimation, suitable for long-term investment.”