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This is not the big fish that eats the little ones, but the fast ones that are slow, it's an economic dogma. The Principality of Liechtenstein is currently traveling rapidly in the still young Blockchain technology.
The canton of Central Switzerland Zug is still considered a global hotspot in the industry. But most innovative start-ups based there are already flirting with their move to Ländle. There are two reasons for this: the legal regulation is wider than in Switzerland, and start-ups enjoy more comprehensive financial services thanks to the small private bank Frick.
Cypriot Account
While some banks present prestigious buildings on Paradeplatz in Zurich, on the Bundesplatz in Bern or in other major cities, Bank Frick installs for any building on the edge of a residential area the community Liechtensteiner Balzers. Without the address and the blue flag, it could be an office building or even an apartment building.
There is no wicket or customer in the entrance area, because Bank Frick does business with financial intermediaries. Externally, this seems hardly visible, but the major Swiss financial institutions closely monitor what the bank does. The reason: the bank connections of Swiss blockchain start-ups almost all lead to Balzers.
It is obvious that prices are rising with demand. In the industry of Zug, it is said that even the opening of a commercial account at the Bank Frick cost 4000 francs. Mauro Casellini, head of the Corporate Clients team, does not deny this amount, but relativizes it: "These cases are complex – we only charge our workload of 20 to 30 hours, which we need for clarification prerequisites. therefore, to avoid violations of anti-money laundering regulations.
The case is attractive, but Swiss banks are cautious at the moment
However, Bank Frick often rejects requests for a brief review of documents. This happens when interested companies do not meet the basic criteria. For example, offshore companies – companies with headquarters in states with little tax transparency – are in principle out of the question.
The company accounts of Blockchain companies now also offer the first Swiss financial institutions. But Bank Frick goes even further and supports start-ups in the Initial Coin Offering (ICO), with which Blockchain entrepreneurs raise capital.
At the OIC, the problem of money laundering for banks is particularly sensitive. Because investors' money does not come in Swiss francs from a bank, but often it flows in cryptocurrencies directly from individuals. To prevent money laundering, a bank must know the investors from whom it receives money. Because this is different from traditional capital raising, new risks emerge and financial institutions need to adjust their controls. In Balzers, the employees have already internalized the new processes, as highlighted by the bank.
Critique of Switzerland
For Bank Frick, it pays that it dares to go further than the Swiss competition. The blockchain activity has already helped to increase the volume of assets under management by 50% to 3.8 billion Swiss francs last year. The number of employees has almost doubled in the last two and a half years and now stands at 111. "We are a leading player in the financial sector of the blockchain," says Mauro Casellini with confidence .
Skeptical voices can be heard in Switzerland: Although Bank Frick benefits from the new business, it also carries a high level of risk. Casellini is convinced that they control the risks. It is entirely possible to comply with the current regulations on money laundering in the treatment of cryptocurrencies. "We are dealing with this in a very consistent way and even exceed the legal requirements of Switzerland," he says. Ninety-five percent of all inquiries related to this business failed due to the rigorous criteria applied by Bank Frick.
Swiss experts consider the law superfluous
Not only in the banking services, Ländle intervenes in the fast track, but also in the regulation. While the Swiss Bankers Association is working on recommendations in Switzerland, Liechtenstein is introducing a new blockchain bill. Lawyer Thomas Nägele, 37, whose office is located in the same building as the "Blockchain House" in Vaduz, plays a key role here. The law firm Nägeles, mainly active in the blockchain business, is also growing: in two and a half years, the number of jobs has gone from 1 to 13.5. Soon, two more will be added.
In Switzerland, the industry is waiting for the announced recommendations and is curiously following the development in Liechtenstein. In this country, there are experts who consider a Blockchain special law superfluous. Nägele recognizes that the application of existing laws to new technologies would be quite possible. "But in practice this does not create the necessary legal certainty, since today 's laws have not been created in the knowledge of new technology.
New Law 2019
As an example, he calls the token that plays an important role in the blockchain business. A token is a kind of token. The buyer receives different rights. This can be a part of valuables like a car. However, since this car is not in its own garage, it needs someone who insures this property. Nägele speaks of the "validator", who keeps the car himself, or guarantees that the owner of the token can assert his claim.
A validator is not provided in the previous laws. But Nägele is convinced that this can be trusted and that blockchain technology is developing. The law is expected to come into force in 2019. This should allow the Swiss country in the blockchain sector to have a length of time ahead. (Tages-Anzeiger)
created: 15.07.2018, 19:44
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