Bank Frick became the first financial institution in Liechtenstein to launch a cryptocurrency trading platform, which would allow citizens to buy direct investments in five leading cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum.
According to the bank’s official statement, it will be possible to invest in cryptocurrencies only if the client is fully identified and verified. The bank will also verify the origin of the money used to invest.
Trade is done once a day and cryptocurrencies can be purchased with euros, US dollars and Swiss francs.
The bank’s general director of clients, Frick Hubert Büchel, said that the bank intends to incorporate cryptobanking at the same level of quality as traditional banking.
“Our services are in demand for companies throughout Europe, this is because they know we can offer them reliable support in the implementation of their business models with cryptocurrencies and blockchain in line with the existing regulatory framework,” he added.
He pointed out that “with these direct investments, intermediaries and their clients can easily get to know a new and exciting universe and diversify their portfolios”.
Located in Central Europe with a population of less than 40,000, Liechtenstein is a German-speaking microstate, bordering Switzerland to the west and south and Austria to the east and north. It is headed by the Prince of Liechtenstein, although his son, Crown Prince Alois Philipp Maria now holds the power.
This initiative is in turn linked to the statements on the CNBC by Crown Prince Alois Philipp Maria, about his intentions to invest in encryption. He said that block chains and cryptocurrencies like bitcoin could be a way to help his family restore their wealth.
“Particularly with this new digital economy, it is something that we have to look at more in the future … blockchain will change many things, it could even help our state to be more efficient in the way it is administered“, he concluded.
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