Opening a bank account for a crypto business

If you want to engage in activities related to cryptocurrencies, opening an account for this activity will help you.

The practice of our company shows that most entrepreneurs and companies face difficulties when opening such an account:

• Firstly, not all countries have fully regulated the issue of cryptocurrency transactions.
• Secondly, this activity is considered high-risk in most countries.

Cryptocurrencies have a long way to go before they can truly replace traditional bank accounts. There is a way out of this situation, namely the selection of a bank specifically for your needs, or the selection of a payment organization.

Today, opening an account with a payment institution has many advantages compared to conventional banks, including quick and easy identification of a person, tariffs for servicing such an account will be much lower, convenient, remote form.

With an electronic bank account, your transactions can be made anytime, anywhere, all you need is internet access.

Moreover, new technologies offer the integration of additional banking options – EMI companies can have flexible core banking systems, allowing them to include many other services with one click. Traditional banks cannot offer, for example, AML, KYC or alternative payment methods. The outdated systems that traditional banks use cannot cope with new technologies and therefore cannot offer the latest automated services.

An offshore solution will suit you if your business has the following features:

• No processing history
• More than 2% refund
• Works with adjustment where needed
• International customer service

Through these high-risk accounts, the company will be able to receive funds from high-volume, high-risk clients.

Since this type of account is high-risk, regulators study all the necessary documents in great detail, namely

• updated corporate documents
• AML Policy
• proof of funds (confirmation of the financial well-being of the company and ultimate beneficiaries)

It should be remembered that documents must be translated and apostilled properly.

Where is the best place to open a cryptocurrency account in 2023?

• Switzerland
• Malta
• Gibraltar

Merchants in high-risk businesses or in high-risk industries often look to offshore account merchant services as a solution to a variety of problems. Offshore credit card processing allows merchants who would not normally be able to open an account within their jurisdiction to take advantage of the less stringent standards offered by merchant account providers overseas.

Summing up, if you conduct business responsibly, have the necessary documents for filing, a transparent ownership structure, and going through compliance and opening an account with a bank or payment system will be quick.

At Prikhodko & Partners Law Firm, we help clients find the best solutions for their specific needs. We work closely with partners in various jurisdictions to meet the needs of each of our clients.