Why it is harder
Banks are cautious about crypto business because of compliance requirements. Some banks do not work with such clients, while others require a licence and a detailed description of the model.
What is usually requested
- A detailed description of the business model and sources of income
- A licence or a justification of why one is not needed
- AML and KYC policies
- Confirmation of the owners’ sources of capital
- Information about counterparties and clients’ countries
How to improve your chances
- Prepare a document package before approaching the bank
- Select banks that work with this profile
- Do not conceal details of the business; the bank will check anyway
- Consider accounts with licensed payment providers as a supplement
More about the general process: bank account opening.
Regulatory requirements change quickly. Before launch, current conditions must be verified with a virtual assets lawyer. The decision to open an account is made by the bank. Tax consequences depend on your residency.