Sun, October 02, 2022

Financial institutions and crypto-related companies

Banks and cryptocurrencies

Crypto-related companies in the U.S., as well as other countries, struggled to find banks that are willing to work with them. Opening a bank account does not mean that the bank changed its decision. There are cases when banks closed the accounts which belonged to crypto-related companies without warning. The reason why this is happening is the perceived risk of cryptocurrencies.

It is not an easy task to find a bank that is willing to cooperate with crypto companies. In this situation, it is not surprising that there is a huge demand for the so-called crypto-friendly banks. One bank which is working with more than 700 crypto-related companies is Silvergate Bank. This U.S. realized the importance of this industry and is actively working in this direction. Moreover, this bank is quite successful and earlier this month listed its shares on the New York Stock Exchange.

Hopefully, Silvergate Bank is not alone, and step-by-step other financial institutions are willing to work with the crypto firms. One such institution is the U.K.-based Cashaa, which is a banking service platform.

Starting from November 25, customers will be able to open bank accounts in the U.S. This news is a huge step forward for U.S. crypto companies as it will be easier to work in this industry. 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.

The Indian government and crypto regulationsIndia and crypto regulations

The good news regarding the digital currencies is that the Parliament of India will not discuss the crypto ban in the winter session.

Discussions about the possible ban started a long time ago. On November 14, the winter session agenda became available. According to the information, the draft bill named “Banning of Cryptocurrency & Regulation of Official Digital currencies is not on the list.

It is important to mention that, House of the people is the lower house of India’s bicameral parliament. The winter session of the lower house began on November 18, and it will end on December 13.

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