The Swiss Bankers Association presented new recommendations for Swiss banks with a proposal to support Blockchain companies. According to the new rules, Blockchain projects can open corporate accounts in Swiss banks.
The adoption of new guidelines allows local banks to cooperate with startups based on distributed ledger technology. Recently, the number of DLT-based companies has increased significantly. Based on this, the SBA decided to create positive conditions for the functioning of the Blockchain companies in Switzerland.
According to SBA instructions, Blockchain companies that will not conduct ICOs can open corporate bank accounts based on rules that apply to all small and medium-sized enterprises. For companies that plan to conduct an ICO with capital raised in crypto, additional requirements are introduced in the form of KYC and AML.
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