Swiss Bank Dukascopy to Allow Crypto Companies to Open Business Accounts
Swiss-Based Dukascopy Bank Embraces Bank Accounts Of Crypto Exchanges And Brokers
According to Dukascopy, the selection process for new customers will be rigorous as the FX bank will only consider blockchain companies after carrying out in-depth due diligence on them. Additionally, the bank will only accept crypto firms incorporated and regulated in the EU, the UK or Switzerland and will run background checks before it makes a final decision.
A spokesperson for Dukascopy goes on to explain this move by saying:
“In order to tackle risks related to the anonymity of crypto transactions, the Bank opens a corporate account for companies and personal MCA accounts for clients of these companies. In this manner, any money transfer between the crypto company and its client will remain inside the Bank’s secure network and under control of the Bank. The beneficiary, shareholders and top management of the company should have a stainless reputation.”
Integrate Cryptocurrencies With Dukascopy 3 Steps
- The first move has been to start offering CFD on Bitcoin since the first quarter 2018.
- At the second step, the Bank opens its doors for a new type of clients, who were not serviced before – crypto brokers and crypto exchanges. In order to tackle risks related to the anonymity of crypto transactions, the Bank opens corporate accounts for companies and personal MCA accounts for clients of these companies.
- The third step of crypto integration for the Bank will include the creation of a crypto gateway. With it, the clients will be able to deposit and withdraw funds in cryptocurrency on/from accounts with Dukascopy Bank. The introduction of this stage expected in September 2018.
It is not often that crypto exchanges secure services from banks in Switzerland, though it is not impossible. Reports noted that earlier this year that Hypothekarbank Lenzburg bank will offer professional banking service for blockchain technology and cryptocurrency companies.