Opening bank accounts

How can an entrepreneur who is engaged in cryptocurrency activities open an account with a bank and payment systems without difficulty?

Opening a bank account and payment systems for entrepreneurs who are engaged in cryptocurrency activities is always a difficult and time-consuming process. This is primarily due to the fact that:

• any operations with digital assets are highly risky, and not every bank is ready to cooperate with cryptocurrency entrepreneurs;
• the legislation has not yet developed a unified system for regulating transactions related to cryptocurrency.

So, how to still open a bank account to conduct your cryptocurrency activities, we will tell you about this in this article.

How to choose a bank to open an account?

An entrepreneur whose activities are related to cryptocurrency should choose a bank or payment system to open an account only in a country where effective regulation of cryptocurrency activities has already been developed at the legislative level. Thus, legally, you will already be protected.

Choose a bank or payment system for opening an account according to the following parameters:

1. Is it possible in this financial institution to send and receive money between accounts in cryptocurrency?
2. Is it possible to use this bank account to conduct my own cryptocurrency business?
3. Does the bank already serve entrepreneurs with the same business project as yours?
4. Does the bank provide the list of services you need for your activities? For example, servicing virtual IBANs, opening a multi-currency account, etc.

What documents may a bank or payment system require from you to open an account for your cryptocurrency activities?

Be prepared for the fact that the bank or payment system, in turn, may require you to submit documents such as:

• a crypto license valid in the EU for your activities;
• a brief description of your business model;
• confirmation of your work experience in this field;
• other documents, at the discretion of the financial institution, confirming the legitimacy of your cryptocurrency activities.

In which countries is it already possible to open a bank account or payment system to conduct a cryptocurrency business?

Already today you can open a bank account or payment system to conduct your cryptocurrency activities in such countries as: USA, Australia, Great Britain, Germany, Liechtenstein, Switzerland, the Netherlands, Gibraltar, Lithuania, Georgia.

If you have any additional questions about opening an account with a bank or payment system, Blockchain Consulting specialists will provide you with all the information you are interested in, as well as help you properly prepare the documents you need to open such an account in the country of your choice.