A working group has been set up in Switzerland in order to help blockchain companies open bank accounts, CoinTelegraph reported referring to a report from local news source cash.ch.

The Financial Director of Zug, Heinz Tännler, noted that blockchain companies could consider shifting their base abroad due to the difficulties they face to open bank accounts in the region. On these lines, a working group led by the Swiss Bankers Association (SBA) has been set up on behalf of Federal Council Ueli Maurer.

"It must not be that Switzerland loses an innovative industry because it makes payment transactions impossible," Tännler said (loosely translated)

In a statement issued on Tuesday, the Tax Directorate of the Canton of Zug said that the lack of legal certainty from banks’ side is driven by the need to ensure compliance with financial market regulations, particularly money laundering. It noted that the existing financial market regulation is not tailored to companies whose activities are based on blockchain technology.

To address these issues, Maurer called a meeting with representatives of the Swiss National Bank (SNB), the State Secretariat for International Financial Affairs (SIF), the Swiss Financial Market Supervisory Authority (FINMA), the SBA, Hypothekarbank Lenzburg, and the cantons of Zurich and Zug. The meeting resulted in the setting up of the working group under the leadership of the SBA.

The working group will develop recommendations for banks on how to deal with resident blockchain companies in the opening of bank accounts. The recommendations would also be consolidated by the FINMA.

Switzerland is one of the most blockchain friendly countries in the world. “Crypto Valley” Zug is currently conducting the first blockchain-based municipal voting, which will end on July 1, 2018.