Before the ICO, investors and representatives of organizations open an account with the bank, its choice is an important step, because of the lack of a legislative framework for this line of business. This phenomenon is called “legal vacuum”. This happens in connection with the rules imposed by financial institutions on the part of accounts in digital currency.
Our specialists will select a bank for each ICO client, organize and control the implementation of the procedure for creating an account. In addition, our specialists will consult on all items that relate to the first placement of the tokens.
The reality is that banks with the ability to service companies with financial assets in the cryptocurrency are usually little-known and young financial organizations. In carrying out such operations, not every bank is able to open an account for the ICO.
In our country and in the world, legal status of the cryptocurrency is not defined and has no clear legal position.
Financial institutions reluctantly take risks, realizing that at any time the bank’s internal policy will change course, and the accounts in the cryptocurrency will be blocked, which significantly increases the risks of such operations.
Our lawyers and in the case of freezing accounts in the cryptocurrency will provide legal support to their clients.
Today, the demand for the market has grown so much that it forces more and more financial institutions to adjust the list of services to the modern needs of the client.
Such banks to date are several of Switzerland, Liechtenstein, Mauritius, Poland, Georgia and Serbia. These are banks that provide a full list of financial services in the crypto currency. Having created an account with these banks, you have the opportunity to transfer the funds collected in the ICO process with the accrual of interest on the deposit and can carry out transactions for the purchase and sale of cryptocurrency.
The main competitive advantage and service of the bank for ICO are credit operations, deposits with interest accrual, like any other current savings account.
Modern analysts of the banking market predict the blurring of the border between the usual for all banking services and other existing finances. The beginning of this process has already been laid. Rapid steps into our life broke online banking and other financial technologies.
The European directive PSD2 has already started to be introduced, which will set a course for the reduction of intermediaries participating in the bank’s operations. Of course, this will give impetus to the development of financial structures. The likelihood of entering the blockage into the banking system familiar to all will soon increase many-fold.
Today, it is this state that leads the way in settling legal issues with cryptocurrencies. 2016 was marked by payments for various types of services by currency bitcoin, which became possible by permission of the representatives of the canton of Zug.
Crypto Valley Association is a progressive independent organization in Zug, created with the support of the government. Eternity Law International is a participant of Crypto Valley Association . Creation of ICO projects, their protection and development in the market is the main goal of this organization.
Now ICO – activity in Switzerland, in particular in Zug, is no longer an innovation.
There are also a number of other organizations whose goal is to develop a digital currency in Switzerland. Eternity Law International specialists constantly conduct discussions and negotiations with such organizations and Regulators of the countries.
Specialists of Eternity Law International offer services to find a suitable bank for ICO, create accounts and any related issues. In addition, our specialists provide legal support services for ICO projects. Contact us for advice.