Cryptocurrency exchanges are still fighting for private banks to open the right to open bank accounts in Chile - regulation
Cryptocurrency exchanges are still fighting for private banks to open the right to open bank accounts in Chile - regulation
The conflict between banks and cryptocurrency exchanges in Chile is still developing because some banks hesitate to serve this type of institution. A new report created by stock exchanges reports that most of these banks refuse to accept crypto companies as customers for risks that are nevertheless managed when operating other types of customers.
cryptocurrency exchanges are still fighting against banks in Chile
cryptocurrency exchanges and other crypto -related companies are still active
buda.com, a Chilean stock exchange, created a document that came to the conclusion that banks apply to other companies, such as companies that work with jewelry, watches, vehicles of all kinds, works of art or antiques, to refuse their services for cryptocurrency exchanges. In terms of these companies, the document states that they are "generally recognized as a possible means of money laundering - and which are also regulated as an obligated subjects in the legal comparison, but not in Chilean law", and criticizes the use of money laundering and the lack of clear regulations in Krypto as a mere pretext for non -competitive measures. The defense of private banks focuses on the fact that there are still no defined protocols for risk management in connection with cryptocurrency operations and that money laundering activities, if they occur, could not be recognized and treated. However, stock exchanges discuss that banks do not take any clear laws against stock exchanges on the basis of, with 79 % of the closures or events that have been worshiped in a period of three months. Bice Bank, one of the banks included in the lawsuit, indicates that she had determined three years before the start of the process that she would not work with cryptocurrency -based companies, and explained that it would only do so if the offer and the consent of the anti -supervision authority for money laundering and terrorist financing. On the other hand, Security Bank, another financial institution, said that its decision is based on the fact that cryptocurrency exchanges "do not have the necessary regulation in order to prevent these risks appropriately, and they will not have them at short notice". However, regulation in this area is slowly apart, such as Chile and has recently approved a fintech law, that Insert cryptocurrencies into its area of application. Also some exchanges have already opened DUE-diligence agreements, as Buda did with BCI Bank in October. What do you think about the legal conflict between banks and cryptocurrency exchanges in Chile? Tell us in the comment area below. Bedy verification : Shutterstock, Pixabay, Wikicommons explanation of the conflict
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