Bci Becomes The First Bank In Chile To Open Accounts For Crypto Companies

On October 28, Bci, a Chilean bank, announced the development of a protocol allowing cryptocurrency exchanges to register to check accounts with the organization. This is a watershed moment for the country’s cryptocurrency exchanges, which have been lobbying for the opportunity to utilize standard banking services for years.

The protocol established contains several requirements inspired by Financial Action Task Force (FATF) guidelines, such as compliance process completion, transaction traceability, money laundering prevention, terrorism funding prevention, and audit reports from an outside organization.

According to a bank spokeswoman, this action will help the consumers of the exchanges, according to the local daily Diario Financiero. According to the bank:

“Our objective is to accompany their clients so that they can operate in this market within a framework of security and trust.”

Buda, which is currently entangled in the aforementioned legal dispute with other banks, was the first crypto exchange for creating a checking account in Bci after negotiating a deal with the bank. This agreement also permits other exchanges to request banking services from the institution, provided they meet the standards outlined in the established protocol.

Banks in other Latin American nations, such as Santander, which already has a cryptocurrency asset division and plans to offer crypto services to its clients in Brasil, have been more inclined to sell cryptocurrency-related services.

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