Switzerland May Ease Crypto Banking Obstacles

Citing anti-money laundering rules and other regulations, traditional banks in Switzerland have often refused to operate accounts for crypto companies. But Heinz Tännler, finance director of Zug canton, said he believes regulators and politicians may remove some obstacles for crypto firms and allow them to work with banks in the same way as companies in other industries, the Financial Times reported.

“We hope to clarify relationships by the end of the year at the latest,” Tännler told the FT. “Time is pressing — other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”

Yet the country’s central bank, federal government and financial supervisor “are willing to help,” according to Tännler. And while some institutions had to be pushed to resolve to the problem, “that now seems to be going well,” Tännler told the paper.

The news comes after Schweizerische Nationalbank Board Director Thomas Moser said that he doesn’t think it’s the right time to talk about issuing a national cryptocurrency for the country. During the “Future of Token Economy” panel at the Crypto Valley Conference in Zug, Switzerland, earlier this year, Moser said blockchain is similar to the “useless innovation” of compact discs, according to Cryptovest.

Switzerland isn’t the only country putting plans for a national crypto on hold. Earlier this month, it was reported that Estonia has shelved plans to develop its own national cryptocurrency after the idea prompted criticism by banking authorities and Mario Draghi, the Italian economist and president of the European Central Bank.

Estonia, which is among the most tech-friendly countries in Eastern Europe, had been a leader in potentially issuing a national cryptocurrency, but the plan was criticized by Draghi earlier in the year when he said the euro can be the only currency in the country.