At a recent time, it became known that Hypothekarbank Lenzburg, which is a hereditary bank of Switzerland, declared its plans to service customers and enterprises whose accounts are connected with crypto-currencies, and whose services are refused by many out-of-date financial institutions. The Swiss, who for a long time is considered advanced community, again show their primacy and are the real leaders of the crypto-revolution.
Crypto-Policy Changes in 150-Year-Old Swiss Bank
Marianne Wildi, General Director of the Swiss mortgage bank Hypothekarbank Lenzburg, said: “For a bank that opposes itself as a technologically developing financial institution that is going in step with time, it is also important to cooperate with the young sector of blockchain and crypto Swiss companies.” The bank’s early reiteration has been monitored for the past 150 years. Since then, it has evolved into a retail, mortgage, and private banking service that is openly admitted and operates at the local level.
The Swiss was one of the first to consider the far-reaching opportunity of crypto, becoming a reliable example for all engaged in technology and implementing start-ups in this direction. Moreover, being the main rival of Silicon Valley in the United States, the region in Zug was started to be called Crypto Valley because of its deep immersion in the newfangled theme. Nevertheless, announcing the innovations of its activities, Hypothekarbank Lenzburg becomes the first bank in the country to welcome crypt transactions.
Media at the regional level often referred to Ms. Wildi, talking about the lengthy process of adopting new changes in the bank’s policy, paying particular attention to the recommendations of the Financial Market Supervisory Authority (FINMA) that is the main regulatory body of the country. It is assumed that in an attempt to get rid of certain fears of board members, she explained that all customers who are in contact with the crypt business will undergo thorough examination and testing.
New Trend in Bank-System
Before Hypothekarbank switched to innovations, the monetary fellowship lost the crypto-related maintenance of the business. For instance, a year ago Falcon Private Bank made statements about fuzzy and unstable cooperation with “control of crypto assets”. Bank Frick of Liechtenstein adheres to its policy, offering clients so-called “cold storage” and access to the top coin, like bitcoin cash and so on.
Ms. Wildi stressed that the contractor Geissbühler, Weber & Partner AG will fully implement the new policy. She said, “they have a lot of experience in the implementation of cryptographic know-how, and that they also pay enough attention to the analysis of client requests for legal consequences and origin.” “After careful consideration, they provide a set of recommendations, after which a decision is made. Moreover, the procedure of careful selection of clients is part of such connection, but it has nothing to do with other relationships with clients because pliability operations must work purely.”