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The citizens of Liechtenstein, a country that has become known enough for accepting cryptocurrency, will soon be able to buy currencies digital directly from a bank. Given the interest shown by the royal family for the asset class and the general willingness to adopt the development of cryptocurrency, the move may not be too surprising .
According to a press release issued by Bank Frick on February 28, 2018, it will offer a wide variety of cryptocurrencies on its trading platform in effect immediately. The initial set of digital currencies available for purchase includes Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash.
The target audience for the bank is likely to be wealthy individuals and institutional investors, or rather, the type of people who already have a significant amount of funds in various banking instruments.
For any exchange of cryptocurrency or broker, especially those, security is an important factor. As tradition dictates for any cryptocurrency exchange, Bank Frick has stated that it will stock all its customers’ cryptocurrency assets in cold wallets, or rather, on computers including the Internet. is usually emptied. Other security features, however, were not detailed in the press release.
The financial institution in question is already a fully regulated bank that complies with all the laws relating to customer knowledge at the country and EU level. Thus, it is safe to conclude that the same identification requirements will be deferred for any investor seeking to purchase any amount of Bank Frick cryptocurrency.
The bank also confirms regulatory compliance in its declaration,
“At Bank Frick, cryptocurrency investments are subject to the same strict legal measures as traditional financial transactions”, and “Clients can only invest in cryptocurrencies once fully The process of verification and identification also consists of verifying the origin of the money used to invest in it. “
Although Bank Frick is a financial institution that mainly addresses Liechtenstein citizens, it has announced that the platform would be accessible to any European entity that would be interested in it. Huber Büchel, head of the customer, said:
“Our services are requested by companies from all over Europe.This is because they know that we can offer them reliable support in the implementation of their models. with cryptocurrencies and blockchains in accordance with the existing regulatory framework. “
In addition, the bank announced that it would accept foreign currency in exchange for cryptocurrency assets. Currently, investors can trade in US dollars, euros or Swiss francs.
Bank Frick joins a rather exclusive list of banks eager not only to adopt, but also to facilitate the purchase and sale of cryptocurrencies. As most financial institutions in the world are heading in the opposite direction, it is clear that Liechtenstein banks have other intentions.
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