The main Swiss banking association wants to make it easier for its members to deal with crypto startups. And warns at the same time to take special care in working with some of those.

Swiss fintech startups have often complained that their applications to open an account with a bank were turned down. The Swiss Bankers Association wants to help its members avoid any confusion.

The interest group of Swiss banking has released a set of guidelines of how to deal with blockchain startups. The guidelines will help banks lower the risks involved in offering their services to the fintech industry.

The Bankers Association has divided fintech firms into two categories. One being completely unproblematic for banks, because they essentially use the blockchain technology for a specific product. Such companies can be treated just like any other firm.

ICO Concerns

The banks however are urged to take special care in dealing with companies that organize initial coin offerings. And even more so if the companies accept other cryptocurrencies as payment for the newly emitted tokens.

The Bankers Association said its members should apply higher and additional demands before accepting business with such firms. The guidelines recommend to adhere strictly to the highest Swiss standards in regard to the origin of assets and prevention of money laundering.