News: Selecting a bank for ICO - opening an account for ICO

ICO: open a bank account

Both investors and organizers need to open an account with the bank before conducting ICO.

Not every bank can open an account in cryptocurrencies, either because of the lack of loyal or regulatory framework as such (the so called "legal vacuum") in a particular jurisdiction where you need to open an account for ICO, or because of internal restrictions in bank regarding the opening of accounts in cryptocurrency.

Therefore, if you want to conduct ICO and you need to open an account with a bank, apply for legal support to the lawyers of Law&Trust International, who will select a bank for ICO for you, as well as for advice on other issues related to the initial offering of tokens.

Bank for ICO

To date, banks for ICO (banks in which it is possible to open an account with the function of converting cryptocurrency into fiat funds and vice versa) are comparatively uncommon and specific financial institutions.

Not every bank works with cryptocurrencies in general, and certain percentage of banks for ICO can open virtual accounts for their clients for ICO.

There is a risk to the owner of such account, which lies in the fact that the internal policy of the bank with respect to cryptocurrency may change, and the accounts will be blocked. But even then, our lawyers will be able to help you get your money back.

The bank's payment service for ICO should include payment processing, interbank exchange rates, debit cards and IBAN payment accounts. All services in such bank should be engaged in transactions with traditional fiat money and cryptocurrencies (tokens, ERC20, NEM, Ethereum, Bitcoin and others).

The bank for ICO can use deposits/loans as a key competitive advantage and even its main service. Each current deposit in such bank will receive interest as well as savings.

Investments will be low-cost investment products, such as cryptofunds, roboadvisory solutions for capital management, and Exchange Traded Funds (ETF).

Creation of the ICO bank can take place in several stages, these are:

- Development of IT-infrastructure;

- Preliminary ICO;

- Introduction of electronic money;

- Initial offering of tokens;

- Opening of the ICO Bank;

- Further, implementation of new investment solutions and possible emergence of new types of money.

ICO in Switzerland

Introduction of such cryptocurrency as bitcoin in the state circulation of Switzerland allowed the residents of this jurisdiction to pay part of their bills by this cryptocurrency starting from July.

Residents of Zug were allowed to pay utility bills and other services by bitcoin during the pilot project. The project turned out to be successful and at the end of 2016 it became valid on a permanent basis.

In Zug, there was also created a new non-commercial organization, the main field of activity of which was the promotion and support of ICO projects. Conducting ICO in Swiss banks, especially in Zug, will cease to be something new in the very near future.

The ICO projects will also be supported by such bank as UBS, Lucerne University, Luxoft, Lykke Corp, consulting firm PwC and Thomson Reuters and other companies that have expressed a desire to support the development of cryptocurrency in Switzerland.

For more information, please contact our lawyers. Law&Trust International provides legal services in the field of consulting on ICO and blockchain projects.