It is not a secret that companies which are connected to cryptocurrencies are struggling as banks are cautious when to the digital currency market. Opening a bank account, it is not an easy task due to the perceived risk of cryptocurrencies.
It is important to mention that sometimes banks close the accounts which belong to crypto-related companies without warning.
However, as the demand for crypto-friendly banks is growing, financial institutions in the U.S. and around the world realized the importance of this market. For example, Silvergate Bank serves more than 700 crypto-related companies.
Hopefully, there is another option, as well. The U.K.-based Cashaa, which is a banking service platform will help to improve the situation.
Starting from next week, more precisely, from November 25, customers will be able to open bank accounts in the U.S. It will be possible to receive full banking services. Also, crypto-related companies will have the opportunity to do business with every country in the world, apart from sanctioned states.
U.K.-based Cashaa partnered with Metropolitan Commercial Bank to develop this service. This step should convince other banks that they may lose a lot of customers due to their policies.
India and the digital currency market
India has the third-largest economy in Asia after Japan and China. There are several million crypto owners in India.
However, a crypto ban can undermine the future of the digital currency market in the country.
Hopefully, the Parliament of India will not discuss the crypto ban in the winter session.
The information about the laws which the lower house of India’s bicameral parliament will discuss became available on November 14. The draft bill named “Banning of Cryptocurrency & Regulation of Official Digital currencies” is not on the list.
The winter session began on November 18, and it will end on December 13.