PwC provide a transparency solution for DLT companies, which the CVA welcomes

PwC provides to Crypto Valley Association (CVA) members and other blockchain/ Distributed Ledger Technology (DLT) companies with a report (transparency solution) that checks against and confirms the corresponding Swiss Banking Association (SBA) guidelines. This report facilitates the on-boarding process for DLTs with Swiss banks and helps to develop, enhance and sustain Switzerland as a world leading ecosystem for DLT companies by improving the customer experience, increasing speed and reducing costs for all stakeholders. 

Alleviation of the most pressing issue for the DLT industry and companies by facilitating the opening of bank accounts in Switzerland at reduced costs. 

In recent years the global blockchain ecosystem has emerged and the market has grown through the rise of initial coin offerings (ICOs). In the first five months of 2019, over 250 token offerings collected a total amount of USD 3.3bn globally. The top three token offerings since 2016 raised more than USD 1 bn each. The Swiss market has also developed strongly and the number of blockchain companies in the Swiss Crypto Valley has increased markedly over the past three years. 

The growing Swiss DLT market and some distrustful global market players led to an increased demand and challenge when DLT companies aim to open corporate accounts with Swiss banks. This issue has already been addressed by the respective SBA guideline, which will be renewed in a second edition by 20 August 2019. 

PwC will offer a transparency solution in line with this second edition helping DLT companies get a corporate account with a Swiss bank more efficiently. The report we offer includes a legal and regulatory environment check, a description of the business model and a report on the implementation of general and specific duties and obligations.   

Our transparency solution accelerates the on-boarding process for both DLT companies and banks as well as simplifies the monitoring of business activities to build trust in the ecosystem’s player. 

DLT companies profit from a shorter time-to-market and higher quality governance, risk and compliance. Swiss banks and any other stakeholder can rely on this trusted information when on-boarding or monitoring DLT companies.