Malta To Get its Own Cryptocurrency BankDecember 18, 2018
Cryptocurrency Bank established in Malta. This bank will actively be involved in doing business with the cryptocurrency industry.
The major problem that has been faced by the cryptocurrency firms and industries is that traditional banking agencies dealing with fiat currency were not willing to do business with them. They were not willing to provide banking services.
A brand new solution is on its way in Malta for those industries willing to transact using cryptocurrencies. This new bank will be providing cryptocurrency services that others have not been delivering.
The OK Blockchain Capital Limited will fund the banking solution. They have invested with RnF Finance Limited. The RnF Finance Limited has applied for a credit institution permission with the Malta Financial Services Authority.
Roderick Psaila, the Boss at RnF, stated to the CCN, “We are targeting major corporates and private clients, and the mentality would be that no industries are vetoed beforehand, but each application will be treated on a case by case basis.”
The cryptocurrency bank will be using the blockchain technology, and it will treat the cryptocurrency exchanges just like any other business. Therefore, providing the cryptocurrency industry with some decent banking support.
The cryptocurrency bank will be set up, and its operations will be up and running in Malta by 2019. This is set to happen after a few more legal clarifications are obtained. It is not possible to start with the cryptocurrency bank without clearing out the legal formalities.
Of note, this bank will be working in complete compliance with anti-money laundering and anti-financial terrorism Acts. With more of such banks lining up offering similar services, it will be possible for cryptocurrency users to use cryptocurrencies in the real-time world.
These banks will function with wallet services. Any customer who has a cryptocurrency, which can be of any type will be able to use the digital money worldwide. The transaction can become as convenient as using a credit or debit card. The deficiencies in the currency cryptocurrency transaction process will be taken care of by this banking system.
While traditional banks initially ignored cryptocurrency stating that it was a hype, a lot is happening now, and the cryptocurrencies are finding their way to mainstream transactions with the coming of newer cryptocurrency banks. There are several startups raising funds to start up cryptocurrency banks. SEBA raised $103 million to launch a cryptocurrency bank in September 2018. With advancements in Fintech Program very soon cryptocurrency banks can be everywhere.