The crypto community will have one more cause for celebration today, as Hypothekarbank Lenzburg, a Swiss bank, opens its doors in providing business accounts to cryptocurrency and blockchain companies.
This is the first time that a bank in Switzerland has opted to do so. In a statement by Marianne Wildi, CEO of the said bank, she explained that “as a bank that sets itself up technologically and pursues a cooperative strategy in the field of fintech, it is also a matter of credibility to work together with the young sector of crypto and blockchain companies in Switzerland.”
Wildi maintained that she was fully aware of the common issue of money laundering in “crypto companies and Initial Coin Offerings (ICOs).” However, the bank did not neglect to do its research, saying that they ‘precisely‘ examined the relevant risk and compliance issues, not to mention their informing of the Swiss Financial Market Supervisory Authority (FINMA) before finally deciding to permit for the creation of business accounts of blockchain and cryptocurrency companies.
However, the bank remains strict in enforcing cooperation on the applicants’ end regarding their bank policies. As long as the crypto companies maintain unquestionable compliance with the bank, and would not pose as a threat to tarnishing the bank’s reputation, they wouldn’t be too stingy in providing the business accounts as they have promised.