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Article published on Jul. 7, 2018
A movement in favor of Swiss crypto companies
Switzerland is one of those countries that offer a favorable environment for blockchain companies, which explains why the crypto giants like Bitmain chose to settle there . However, most banks in the country still show reluctance to Bitcoin and others, to block access to their services to crypto startups in the country the same situation as in India or Pakistan .
But to remedy this, some officials, bankers and decision-makers in the country decided to join hands in a movement aimed primarily at ensuring the growth of the crypto industry on the territory.
As one of them explains, the financial director of Zug Heinz Tännler they seek to put pressure on the Swiss financial regulators so that they force the banks to authorize access to bank accounts to crypto companies . For him, exchanges and trading platforms should have the same rights as ordinary companies and benefit from various banking services.
Problems soon settled?
Mr Tännler and his team hope to win the case by Swiss politicians before the end of the year . The representative of " Crypto Valley " also explained that they even resort to certain national institutions in order to quickly and effectively settle this situation between banks and crypto companies.
on their side, crypto companies in the country are threatening to move elsewhere if the problem is not solved as soon as possible . According to the explanations of Coinlab Capital's Managing Director, Alain Kunz this lack of access to banking services considerably penalizes local crypto companies, which could therefore push them to turn to other countries such as Malta , Singapore or Gibraltar. According to Mr. Kunz, some companies have already taken this path and others will follow unless the politicians intervene.
The ball is now in the the camp of the Swiss leaders, but also in that of the financial institutions of the country which may eventually finally open their doors to crypto-companies in the coming months. Case to follow …
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