Swiss banks open for cryptocurrency assets

Two Swiss banks are accepting money that was generated through business involving cryptocurrencies in a move contrary to what the majority of the banks in the country do.

After Falcon Private Bank, a second Swiss bank now has decided to accept cryptocurrency assets: Maerki Baumann private bank in Zurich.

The bank is offering an alternative for clients who so far have had to take their assets elsewhere and also responded to new demands in the market.

With an increase in popularity of cryptocurrencies, more people have access to money from such transactions. Most Swiss banks however refuse to accept such money.

The main reason behind that refusal is that the background of the assets may be tainted or hard to verify to comply with money laundering regulation. Clients therefore take their assets elsewhere, in particular to Liechtenstein. Bank Frick Liechtenstein is accepting such funds and provides support with investments in cryptocurrencies.

Maerki Baumann doesn’t provide for direct…