Crypto Business Bank Account

Crypto business bank accountSpecialists of international banks & international accounts would like to share their experience in opening a bank account in Europe for companies that conduct cryptocurrency transactions. If your company is engaged in cryptocurrency activities, and you are interested in opening a bank account in Europe, then you should know that this is a rather time-consuming process. Despite the fact that every year the number of companies whose activities are directly or indirectly related to cryptocurrency is steadily increasing, the difficulty of opening bank accounts still exists. This problem is faced by companies both directly working with cryptocurrencies and digital assets, as well as any traditional business that receives payment for its goods/services in cryptocurrency.

Why are most banks not willing to work with crypto-assets?

Practice of recent years demonstrates that entrepreneurs who have decided to launch a cryptocurrency project face serious challenges in opening an account with banks in Europe. The main reason is that the cryptocurrencies has not yet been fully regulated at the legislative level in many European countries. This is the main reason why banking institutions refuse to cooperate with companies engaged in cryptocurrency transactions – there is no clear regulations approved by the regulator on how to control cryptocurrency activities and what class of assets/values the virtual currency belongs to. In general, most banks and financial institutions classify the cryptocurrency business as a high-risk activity.

Although some banks work with cryptocurrency-related businesses, they tend to choose their clients by working only with easy-to-understand business models and well-established companies. Thus, opening an account for cryptocurrency-related business becomes even more challenging for innovative business models, such as mining, stacking, investment portfolio management, cryptocurrency loans/credits, etc.

Nevertheless, some innovative European countries have already accepted this technological progress and introduced laws, according to which cryptocurrency activities are regulated at the state level and considered legal. You can see below an up-to-date list of the countries from IB-IA Group UAB banking experts.