Switzerland wants banks and cryptocurrencies to play nice

Let’s be real. The crypto world needs traditional banks. In spite of the promise (or hope) of ultimate disintermediation of the banking system, we still live in the world of fiat currencies. 

And even in a best case scenario of crypto become the default global currency, that would take some number of years.

In the mean time, Switzerland wants to become a central banking hub for the crypto universe.

Hence, the Swiss Bankers Association (SBA) have established operational guidelines for doing business with cryptocurrency or blockchain-based startups.

“According to the guidelines, banks should implement adequate know your customer (KYC) and anti-money laundering (AML) measures, before opening accounts for blockchain businesses.”