Crypto Business Bank Account

After the company is registered in a chosen jurisdiction and receives a cryptocurrency license, it will be possible to open a bank account or a payment system for the company.

Traditional banking institutions are very slow in adapting to the realities of the modern world, where virtual currency is already widely used. We help all our customers open accounts with European banks or payment systems that work with High-Risk Business (Crypto, Gambling, Gaming, CBD, Adult). It should be pointed out that opening and serving an account of an entity operating in the High-Risk area is more expensive and more complicated compared with other fields of activity; the most rigorous rules apply to such activities, even at the stage of document collection.

More than five years of FinTech activity – our employees have made a comparative analysis of a large number of banks/payment systems from different European countries – have found the best solutions to open accounts for companies operating at High Risk Business.

Our banking experts are ready to accompany you on every stage of opening an account for your company:

How to Open a Bank Account for a Crypto Company

GREAT BRITAIN

Company registration under crypto activity

is performed by the Financial Supervisory Authority – FCA. Correspondingly, FCA has legislated rules and policies for crypto assets concerning KYC, AML/CTF. The FCA has used this prerogative to implement demands on Virtual Asset Service Providers – VASPs.

In turn, regarding opening an account for cryptocurrencies in the United Kingdom, there are cryptocurrency-friendly banks that allow their customers to use credit and debit cards, to buy freely and sell cryptocurrency, transfer funds to cryptocurrency exchanges, get cash out of investments in cryptocurrency.

GIBRALTAR

You can open a crypto account in one of Gibraltar’s financial institutions. This country is among the leaders in regulating cryptocurrency within Europe. Cryptocurrency is not considered a legal means of payment here, but the activity of the exchange of virtual currencies is regulated at the legislative level. The country is characterized as a low-tax jurisdiction, so once a crypto company is registered in Gibraltar, it will not be taxed on capital gains or dividends.

However, it is more complicated to open a cryptocurrency withdrawal account in this country than to register a cryptocurrency company. The local banks are very picky about applicants willing to work with cryptocurrency. Only a few of them work with such clients.

Small banks accept requests for crypto accounts in Gibraltar. At the time of opening a crypto account, you will be asked to confirm that you have a local physical office, and the company has hired local staff.

GERMANY

Under the law, cryptocurrencies are viewed as financial instruments in that country. In July 2021, new regulations concerning crypto licensing in Germany came into effect. Pursuant to a new regulatory regime, the crypto business in this country is strictly controlled and shall be conducted in conformity with the Act on the traceability of financial flows.

In the Federal Republic of Germany, one can open an account for a crypto exchanger. Some state has banks, which become oriented to work with legal entities involved in crypto activity. Services provided by such a financial institution to customers whose business is connected with virtual currency are very diverse.

SWITZERLAND

Foreign investors that want to enter the crypto market in Europe stop their attention on Switzerland. The country is called European crypto-valley, in particular its canton of Zug. The requirements for regulation of cryptocurrencies in Switzerland are strictly regulated. But Swiss banks are still quite cautious about clients whose activities are related to cryptocurrencies. There are not many institutions in the country that provide the opportunity to open an account for a crypto company.

Exceptions are Falcon Private Bank, which permits investment in cryptocurrency; Swissquote Bank, and IG Bank through which you can trade Bitcoin.

Also recently, the Swiss bank Hypothekarbank Lenzburg said would provide a chance for foreign investors to open accounts for work with cryptocurrency. In all these institutions, applicants will be subject to serious KYC scrutiny. Those who are going to open a crypto account in Switzerland will need to confirm the appointment of the Resident Director, the presence of a local office and a local staff.

MALTA

The Government of Malta has created transparent regulation and requirements that allow regulating cryptocurrencies in this country. More precisely, those rules concerned the regulation of cryptocurrencies and ICOs, certification of platforms based on blockchain technology, licensing of providers of technology. The special body was created: Digital Innovation Authority. Before those rules and regulations, Maltese banks often refused to open an account with a crypto company.

Thus, after the transformation of local legislation it is conditionally possible to open the account in crypto exchange of Malta only on condition of registration of a local company. It is necessary to notice that Malta has become one of the first states where activities associated with cryptocurrency are completely regulated and legitimized.

LIECHTENSTEIN

Since 2018, Liechtenstein has been considered one of the leading jurisdictions to register crypto business in Europe. The government here has made effective laws which encourage foreign investment in the country by crypto companies in order to take the edge off the rival states like Switzerland. Today, the launch of a crypto start-up in Liechtenstein can be a pretty beneficial solution for many foreign investors as the fin-tech industry is developing quite rapidly.

In Liechtenstein, you can open an account for cryptocurrencies in several banks. However, it should be taken into consideration that each client is under severe inspection and is checked individually according to strict rules of institutions.

LITHUANIA

Currently, Lithuania is becoming one of the most cryptocurrency-friendly and attractive jurisdictions in the European Union, where, under present conditions, legal treatment with cryptocurrency is possible, and clear requirements for the regulation of cryptocurrency business by the Financial Crime Investigation Service have been developed. The legal framework is regulated by the Law on the Prevention of Money Laundering. The Government regulates cryptocurrencies in Lithuania within the requirements of the Fifth EU Directive on Money Laundering (AMLD 5).

Early in the year 2020, the Central Bank of Lithuania issued for the first time a digital currency, LBCOIN. Therefore, the country became more friendly to cryptocurrency than ever, with more and more banks offering crypto accounts in Lithuania.

Conclusion: In the end, I would like to say that at the end of this review, our company offers opening accounts to its clients in the European country only in which regulation of cryptocurrency has been carried out at the state level. In the case of opening the account in your company in offshore jurisdictions or even banks on other continents, one takes great risks if there is a block of the account or the license of this chosen financial institution is revoked, and often in this case it is not possible to return the full amount of the company’s funds.

If you are a crypto-business, to avoid problems, we recommend performing a risk assessment of your company by one of our specialists since for traditional banks and financial institutions, cryptocurrency enterprises are still high-risk companies, and opening an account requires careful preparation.

Our experts will choose the most beneficial solution for your crypto company, which will save your time and resources. We have prepared a comparative analysis of the great number of banks/payment systems and found the best solutions to open an account for companies with high risk and are ready to accompany you on all stages of this difficult process.