Cryptocurrency

Two Swiss Banks Accepting Money Generated Through Cryptocurrency Business

Two banks based in Switzerland have made up their minds to acknowledge cryptocurrency assets. It is an unprecedented move as most of the banks in Switzerland are still reluctant to do so.

While Falcon Private Bank was the first Swiss Bank to take the plunge, another Swiss private Bank called Maerki Baumann has also followed suit now. The Zurich-based private bank has made a decision to start accepting cryptocurrency assets soon.

In fact, the bank is all set to offer an alternative choice to its clients that have stored their assets elsewhere. It has also responded appropriately to the fresh demands and wishes in the market. Since the cryptocurrency space has witnessed immense popularity these days, a larger population now enjoys access to funds from such crypto transactions.

On the flip side, a majority of the banks in Switzerland have shown their reluctance to accept cryptocurrency assets from their clients. The key reason behind such unwillingness is the existence of tainted assets or difficulty in compliance with the money laundering regulations.

As such, clients would rather take their cryptocurrency assets to other places like the Bank Frick Liechtenstein in Liechtenstein. The bank accepts digital funds and also offers support for crypto investments.

Maerki Baumann Views Cryptocurrency Assets As Investment Tools

However, Maerki Baumann Bank does not offer services like direct cryptocurrency investments. The bank is, however, ready to offer experts’ assistance for its clients.

According to International Investment, the bank released a statement where it mentioned how it monitors the progress of the cryptocurrency investment vehicles as well as the relevant regulations. But, it is not committed to being engaging in this particular area.

 At present, Maerki Baumann looks at the crypto assets as alternative investment instruments. The bank, however, has not much in-house exposure or experience on data such as trading volumes, volatility, and prices. The bank will only accept cryptocurrency assets from mining or a service rendered as of now.

 

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Pala Sen is an avid follower of fintech, travel and health updates, current affairs and entertainment news from all across the world and writing is a passion for her. She had been previously associated with the corporate world for several years and holds a degree in MBA and a postgraduate software diploma called GNIIT from NIIT.

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