According to a report published on Monday, August 6, 2018, by International Investment, the Swiss bank Maerki Baumann, will begin to accept funds from activities related to cryptocurrencies such as mining and receiving payments for rendering services. This decision makes them the second Swiss bank to accept funds (FIAT) coming from this type of operations after Falcon Private Bank announced they would begin to offer this option back in July 2017.
This decision is due to the fact that many people related to the cryptocurrencies began to see the difficulties in being able to safeguard their money earned by activities with cryptocurrencies within the borders of Switzerland. The great majority chose to take them to Bank Frick of Liechtenstein, which accepts said funds and provides support with investments in cryptocurrencies.
The bank, based in Zurich, made the decision as a response to new market demands and the increased popularity of cryptocurrencies:
Maerki Baumann closely monitors the development of these investment vehicles and the underlying regulation without our commitment to engage in this area. This concerns investments in cryptocurrencies as well as the technologies required to trade and store these instruments. We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data (prices, volatility, trading volumes) available in our house
Maerki Baumann Bank Statement
Furthermore, the Swiss bank has not wanted to jump deep with the issue of cryptocurrencies because it sees it as a type of alternative investment due to the current regulations imposed in the country, for their skepticism in investments with this type of assets and the limited experience in the field.
The general position of the bank for its users in terms of cryptocurrencies is not to recommend large investments because they do not consider cryptos an adequate long-term investment instrument due to the volatility of these assets. While Maerki Baumann does not provide direct investments with cryptocurrencies, they are prepared to start offering financial experts to their clients if necessary.
The rest of the country’s financial institutions refuse to allow this type of transactions because they consider that these assets may come from illegal activities or because it is difficult to verify if they comply with anti-money laundering regulations.