Citizens of Liechtenstein, a country which is famous for its positive attitude towards cryptocurrencies will soon be able to purchase digital currency directly in the Bank. Such a move is not surprising given the fact that recently the Royal family of Liechtenstein became interested in
investment in cryptocurrencies and expressed a desire to engage in developments in this area.
According to a press release of Bank Frick, the institution will offer the sale of multiple cryptocurrencies on its trading platform. The initial set of digital currency available for purchase will include bitcoin, ether, litecoin, Ripple and Bitcoin Cash. The target audience of the Bank will be people with high incomes and institutional investors, as well as those who have already invested a significant amount of funds in various Bank instruments.
Bank Frick said that will keep all cryptocurrency clients ‘ assets in cold wallets. The financial institution works in accordance with the KYC rules adopted in the country and in the EU. Thus, it is safe to conclude that the same identification requirements would apply to any investor who want to buy cryptocurrencies from Bank Frick.
The Bank also confirms the work in accordance with regulatory requirements in a statement: «Bank Frick investing in crypto currencies is subject to the same strict regulations as traditional financial transactions, and clients can invest in cryptocurrencies only after they have been fully identified and verified. The process of verification and identification also includes verification of the origin of money used for investment».
Despite the fact that Bank Frick is a financial institution that primarily serves the citizens of Liechtenstein, the platform will be available to anyone interested in it the European entity. Director of customer Huber büchel (Büchel Huber) said:
«Our services are in demand by companies throughout Europe. This is due to the fact that we can offer them a reliable support in the implementation of business models related to cryptocurrency and bloccano in accordance with the existing regulatory framework».
In addition, the Bank announced that it would accept foreign currency to pay for crypto-currency assets. Investors will be able to make transactions in US dollars, euros or Swiss francs.