Bank account for bitcoin and other cryptocurrencies

What is cryptocurrency

Cryptocurrency is a virtual currency that does not have a real analogue. Today it is developing very rapidly, and above is confirmed by constant and rapid increase in its rate, growth of a number of miners and development of new equipment for mining.

Cryptocurrency will be beneficial as a means of payment in the future, because there is no commission, and there are no restrictions on the movement of funds, as well as high anonymity is ensured.

Why do you need a bank account for a business related to Bitcoin

It is impossible to imagine a company that does not have a bank account in a modern world. Only an enterprise created for the purpose of owning any property and not carrying out any actual activities, especially those related to Bitcoin, can operate without bank account.

How to choose a bank to open an account for Bitcoin-business

We understand that Bitcoin is of vital importance to any growing business in the network at the moment. Bitcoin is becoming more and more widespread every day, moreover, some jurisdictions are beginning to open their borders for cryptobusiness. So, for example, in the spring of 2014, some Cypriot schools began to accept Bitcoin as payment for tuition.

Opening an account for activities related to cryptocurrencies, whether it is "mining" or organization of an "exchanger" resource (exchange of cryptocurrencies), is rather complicated process, because legislation, like banking regulation, is not yet ready for such innovations in the financial sector of many jurisdictions. Specifics of the market is such that only some of them allow opening of bank accounts for this type of activity.

To open a bank account for Bitcoin and other cryptocurrencies, contact the lawyers of Law&Trust International. Also, you can find out additional information on this issue during telephone conversation with our specialist, in chat or during personal conversation in the office of our company.

This situation is due to inertness of legislation against the background of progress in electronic means of communication.

Opening account for Bitcoin-business is not so difficult, if you seek assistance of qualified and experienced professionals. Without their help, it will be difficult to open an account, because not every bank can allow to open an account for this type of activity, and, in addition to all above, you will have to explain to each bank employee separately for what exact activity you and your company will receive money and undergo all AML and KYC procedures. And even after that, chances for opening an account for bitcoin project (exchanges, mining, etc.) are extremely small.

Any company, especially the one working with Bitcoin, needs to open a current/settlement account in a reliable bank to conduct commercial activities. Law&Trust International cooperates with more than 120 banks around the world. We will help you open settlement account in a reliable bank for your cryptobusiness.