Standard Liechtenstein Bank Launches Cryptocurrency Investment Platform
Citizens of Liechtenstein, a nation that has become rather famous with regard to its cryptocurrency hub acceptance, will soon be able to purchase digital currencies immediately from a bank. Given the royal family’s exhibited interest in the resource class and the common willingness to embrace cryptocurrency development, the move is probably not too surprising.
According to a press release issued by Bank Frick about February 28, 2018, it will be offering a wide variety of cryptocurrencies on its trading platform effective immediately. The first set of digital currencies available will include Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash.
The target viewers of the bank likely comprises of high net worth individuals and institutional investors, or rather, the type of individuals that already have a sizeable amount of funds in various banking instruments.
For any cryptocurrency exchange or broker, especially those, security is an essential consideration. Being traditional for any cryptocurrency exchange, Bank Frick has stated that it will store all of its customers᾿ cryptocurrency assets in cold wallets, or rather, on computers air-gapped from the internet in most cases. Other security features, yet , were not detailed in the pr release.
The financial institution in question is already a fully-regulated bank that complies with all know-your-customer related laws at the country and EU level. Thus, it is safe to conclude that the same identification requirements will be carried over for any investor looking to purchase anywhere of cryptocurrency from Bank Frick.
The bank also confirms regulatory compliance in its statement,
«At Bank Frick, cryptocurrency investments are subject to the same strict statutory measures as conventional financial transactions, » and «Clients can only invest in cryptocurrencies once they have been fully identified and verified. The verification and identification process also involves checking the origin from the money used to invest in them. »
Even crypto coin though Bank Frick is a financial institution that primarily caters to Liechtenstein citizens, it offers announced that the platform will be available to any European entity interested in it. The Chief Client Officer, Huber Büchel, said,
«Our services are in demand from companies across the whole of Europe. This is because they know that we can offer them reliable support in implementing their business models with cryptocurrencies and blockchains in line with the existing regulatory framework. »
Moreover, the bank has announced that it will probably be accepting foreign currencies in exchange for cryptocurrency assets. At this time, investors can transact in US Dollars, Euros or Swiss Francs.
Bank Frick joins a rather exclusive list of banks willing to cryptocurrency not only adopt, but also facilitate the buying and selling of cryptocurrencies. With most finance institutions around the world heading in the exact opposite direction, it is clear that Liechtenstein’s banks have other intentions.