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Traditional Liechtenstein Bank Launches Cryptocurrency Investment Platform

May 16th 2018, 7:59 am
Posted by estelleolv
People of Liechtenstein, a region that has been rather famous regarding its cryptocurrency acceptance, will soon be able in order to purchase digital currencies immediately from a bank. Offered the royal family’s shown interest in the asset class and the basic willingness to embrace cryptocurrency market cap development, the move is probably not too surprising.

coinmarketcapAccording to a press release given by Bank Frick on February 28, 2018, it will be offering the wide variety of cryptocurrencies on its trading program effective immediately. The original 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 currently have a sizeable amount of funds in several savings instruments.

For any cryptocoin price cryptocurrency exchange or broker, individuals, security is an essential consideration. As is 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 for the most part. 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 cryptocoin price 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 any amount 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 traditional 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 in the money used to invest in them. "

Even though Bank Frick is a financial institution that primarily caters to Liechtenstein citizens, it offers announced that the platform will be available to some 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 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 not only adopt, but in addition facilitate the buying and selling of cryptocurrencies. With most financial institutions around the world heading in the exact opposite direction, it is clear that Liechtenstein’s banks have other intentions.

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