Switzerland Is Committed To Improving Communication Between Banks And Cryptocurrency Companies

In the quest for the resettlement of financial investments Switzerland, as a company, working in a crypto-currency and blockchain-space, opens corporate banking accounts.

According to a recent Reuters report, the Swiss bankers Association (SBA) released guidelines for banks on Friday that may want to do business with more than 530 digital asset launch companies located in Zurich and Zug, known as the Swiss crypto valley.

Previously, only a few cryptocurrency companies have been allowed to insert money into ICO, as the banks largely feared that this will lead to an inadvertent breach of anti money laundering (AML) and other rules.

With the new guidelines, know-your-customer (KYC) and anti-money laundering (AML) regulations, recommended specifically for ICO, have been added to the fiat currencies, as well as those collected through other cryptocurrencies such as Ethereum (ETH).

The SBA finds out that these are the newest guidelines that can only be used for banking, but for blockchain and cryptocurrency companies, which have the advantage of getting access to traditional banking services for a long-term commitment.