Starting a business dealing with cryptocurrencies seems like a great idea which will attract tech-savvy investors. Every crypto startup needs to comply with all the different regulations in a still not fully regulated field. This is very difficult and it takes up a lot of time. Opportunity for a company dealing with cryptocurrencies to open an official corporate bank account might be somewhat of a game changer.
In order for this to happen banks need to adopt a more progressive stance towards companies dealing with cryptocurrencies. We are at the age where big financial systems are still impossible without banks, so if cryptocurrencies and traditional banks learn to work together it could be a favorable solution for both industries.
Green Light for Cryptocurrency Accounts
The great news is coming from Switzerland! As Finews reports Lenzburg, a Swiss mortgage bank, will start to open corporate accounts for companies dealing with cryptocurrencies. Mariane Wildi, general director of the bank said that it is a matter of credibility for the bank to work together with Switzerland's sector of blockchain and crypto companies. Lenzburg bank takes pride in its openness towards new technologies and this step is somewhat expected for them.
The interesting thing about this announcement is that it's not only what happened, but where it happened. Switzerland is one of the centers of world banking system. Only one Swiss bank so far has been open for a crypto business. This bank is Falcon Private Bank in Zurich; they introduced cryptocurrencies in asset management. If all goes to the plan cryptocurrencies might find its place in the regular banking monetary system.
One of the main issues of this novelty is in the area of Lenbzburg’s reputation and safety. Not many banks have openly declared their idea to allow corporate crypto accounts because of their fear of money laundering, frauds, and still unregulated Initial Coin Offerings (ICOs).
Mariane Wildi stated that the bank is well aware of these issues in the cryptocurrency sphere but they concluded that the potential risk is not big enough for these new steps not to happen. She also stated that the global study has been conducted dealing with potential risks and regulations. Judging by the decision to grant business accounts for cryptocurrency companies it seems that the results of the study were much more favorable to crypto space than the general public might think.
This could be a start of a movement where banks could allow cryptocurrency accounts. Great things might come from that. It could take away the stigma towards cryptocurrencies. They could found its place in a world’s monetary system which could probably bring a great deal of stability to the field.
Also, new ideas might arise from new financial opportunities. We could see an influx of people to crypto space as soon as cryptocurrency accounts grow larger. New people could bring fresh ideas and fresh ideas might lead us to new innovations. All of this in a future stable crypto space where people could smoothly enjoy the technology of blockchain and cryptocurrencies.
Would you like to have an opportunity to open an account in your bank for your cryptocurrency business? Is it a good thing for a crypto space? Share your opinion in the comments!