Switzerland is taking steps toward its aim to maintain its status as a cryptocurrency hub. The country’s latest effort is a guidelines issued by the Swiss Bankers Association, aiming to create a basis for discussion between banks and start-ups, that would like to collaborate with each other.
Reuters reports that the guidelines should help banks understand what KYC processes and AML checks they should consider, while also helping start-ups affiliated with cryptocurrency know what information they must provide, and which actions they must take, to be able to qualify for an account. According to Adrian Schatzmann, strategic advisor of Swiss Bank Association, the guidelines will make the dialogue between the parties simpler, and facilitate the opening of accounts.
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