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Chainalysis predicts that banks will soon enter the cryptocurrency market
In the long term, banks will be forced to identify the main players in the crypto industry
US financial institutions are already on the path to adopting cryptocurrencies
The domestic market sends indirect signals of solidarity with the West
Financial institutions need to prepare in advance to adopt cryptocurrencies before regulators make a formal commitment
Banks should already establish contacts with cryptocurrency exchanges, as well as study cryptocurrency business models. This is the conclusion reached by the analytical company Chainalysis.
According to Chainalysis, recent events in the United States show that regulators are actively preparing for the massive adoption of digital currencies and expect financial institutions to understand their exposure and reduce the associated risks..
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Earlier, for example, the Office of the United States Comptroller of the United States (OCC) said that US banks can provide clients with services for the storage of cryptocurrencies, as well as store reserves of stablecoins..
A little later, the Kraken cryptocurrency exchange became the first cryptocurrency exchange in the United States to obtain a license for its own cryptobank..
To keep up with the scale of digitalization, banks should already start to establish contacts with the most popular cryptocurrency exchanges, according to Chainalysis.
Analysts at the blockchain-focused company note that banks need to create a system to detect transactions on the SWIFT network between cryptocurrency exchanges and debit cards.
Given the constant development of cryptocurrency exchanges, banks need to track their progress in real time:
“If banks started checking crypto exchanges for connections with their customers, then they [financial institutions] would inevitably discover transactions related to cryptocurrencies that they did not know about before.”.
Previously, the analytical company CipherTrace came to the conclusion that at least 8 out of 10 large US banks unwittingly provide their services to fraudulent cryptocurrency schemes..
In the long term, banks need to individually assess each individual exchange that their customers can contact. Banks also need to assess the performance of exchanges against regulatory requirements by measuring their exposure to risks in other areas of the cryptocurrency market..
Once banks are able to identify the main players in the cryptocurrency industry, they, according to Chainalysis, will either form their own compliance departments, or begin to partner with special blockchain companies focused on compliance with customer verification..
Russia is also slowly but surely moving towards the indirect adoption of cryptocurrencies.
In mid-August, the first loan secured by cryptocurrency was issued in Russia. Russian businessman Mikhail Uspensky received a loan from Expobank secured by his WAVES tokens.
According to Alexander Zhuravlev, the managing partner of the EDR legal company, the WAVES tokens used as collateral fall under the definition of “other property” and, accordingly, are full-fledged objects of civil rights.
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