Switzerland Fights to Keep its Crypto Companies

More than 500 blockchain and cryptocurrency startups have found a home in Switzerland. The country hopes to become the ultimate blockchain capital of the world. The country has introduced a new plan to strengthen the previously edgy relationship between cryptocurrency startups and Swiss banks.

New Guidelines for Banks Who Want to Befriend Cryptocurrencies

According to Reuters, The Swiss Bankers Association (SBA) released a set of guidelines Friday targeting the Swiss banks interested in collaborating with cryptocurrency companies, according to Reuters. Such a partnership could concern some vital financial services such as cash deposits and protection, corporate payments, and daily financial operations. Adrian Schatzmann, the Strategic Advisor at SBA, said:

We believe that with these guidelines, we’ll be able to establish a basis for discussion between banks and innovative startups, making the dialogue simpler and facilitating the opening of accounts.

However, it is not so much about what banks can offer — even though their assistance is more than welcome for young companies. Rather, it is the notion that banks and cryptocurrency businesses need not be enemies by default, but partners instead. If this strategy proves successful, Switzerland’s example could set a precedent for other developed countries that are still reluctant to embrace this crypto.

There’s Only One Step Between Hate and Love

Although Switzerland touted that it was set to become the globes blockchain capital of, the Swiss banks begged to differ. As Bitcoinist reported in July, very few financial services providers engaged in collaboration with cryptocurrency businesses — some providers even removed the limited range of services they were offering…

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