Swiss banks in general refuse to accept money that was generated through business involving cryptocurrencies. Two firms however are the exception to the rule.
With an increase in popularity of cryptocurrencies, more and more people have access to money from such transactions – be it through speculative means, from payments for services or mining success. Most Swiss banks however refuse to accept such money.
They worry 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, because Bank Frick is accepting such funds and helps with investments in cryptocurrencies.
Falcon and Maerki Baumann
Following the example of Falcon Private Bank, a second Swiss bank now has decided to accept cryptocurrency assets: Maerki Baumann private bank in Zurich. CEO Stephan Zwahlen confirmed information obtained by finews.com.
The bank’s executive had discussed the issue a while ago and concluded to take a clear view: «We are in principal open for such funds,» Zwahlen said. The bank of course was taking precautions and was checking the background of the money. It advised clients, or prospective clients, to make use of specialized advisers such as Bitcoin Suisse, a crypto finance advisory.
The advisers are checking the background and issue a statement, which is being made available to Maerki Baumann.
Not Suitable for Long-Term Investments
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. The bank is closely monitoring the developments in the cryptocurrency market, without being an active player.
«In general, we currently advise against major investments in cryptocurrencies. Cryptocurrencies are not suitable for long-term investments due to their many uncertainties,» Zwahlen said. «Only people who are aware of the risks involved in such instruments should invest a restricted amount of their available assets. All other people are currently advised not to make such investments.»
Maerki Baumann doesn’t provide for direct investments in cryptocurrencies, is however prepared to provide its clients with experts if need be.
