4 September 2020
Since Bitcoin launch in 2009, cryptocurrencies have been gaining attention not just among private investors but also among corporations considering introduction of their own cryprocurrencies and governments studying application of Blockchain technology to fiat currencies. While cryptocurrencies give an advantage in peer-to-peer transfers (transfers made directly between two parties, without involving a payment service provider), they are subject to a number of risks including:
Among all banking business activities the following are identified as crypto-related:
Legal status of cryptocurrencies vary substantially between jurisdictions and so do bank policies concerning cryptocurrencies. In general, bank policies on cryptocurrencies can be classified into the following groups:
For this study 24 European countries have been selected to find out attutite of the banks operating in these countries towards cryptocurrencies. The study has revealed that:
European countries selected for this study either are international banking destinations or have sofisticated and innovative financial sectors.
|Country||# Crypto Banks||# Non-Crypto Banks|
|Andorra||0 banks||0 banks|
|Austria||1 bank||0 banks|
|Belgium||0 banks||0 banks|
|Bulgaria||0 banks||4 banks|
|Cyprus||0 banks||0 banks|
|Estonia||0 banks||2 banks|
|Georgia||0 banks||1 bank|
|Germany||2 banks||1 bank|
|Gibraltar||0 banks||0 banks|
|Iceland||0 banks||1 bank|
|Isle of Man||0 banks||0 banks|
|Latvia||1 bank||0 banks|
|Liechtenstein||1 bank||1 bank|
|Lithuania||0 banks||1 bank|
|Luxembourg||0 banks||0 banks|
|Macedonia||0 banks||0 banks|
|Malta||0 banks||0 banks|
|Monaco||0 banks||0 banks|
|Montenegro||0 banks||2 banks|
|Netherlands||0 banks||1 bank|
|Serbia||0 banks||1 bank|
|Switzerland||7 banks||0 banks|
|Turkey||0 banks||0 banks|
|United Kingdom||0 banks||0 banks|
Founded in 2009, Fidor Bank provides retail banking products and services to private and business customers in innovative, technological ways: the bank uses IT solutions based on Web2.0 intrastructure and includes its customers into decision-making process via communication with its financial community. Fidor Bank also provides B2B banking services, including banking as a platform, API banking services and crypto settlement accounts. Fidor Bank crypto-currency-as-a-service offers simplified new crypto-related investing and trading, including Fidor ICO accounts and Fidor exchange accounts. Fidor Bank offers its products via direct banking channels.
FIDOR Bank AG provides products and services in the areas of retail banking, B2B banking services. The range of products offered by FIDOR Bank AG includes current accounts, debit cards, credit cards, savings accounts, time deposit accounts (0.00 - 0.70 %), consumer loans, car loans, trading accounts. FIDOR Bank AG makes its solutions available to individuals, business entities.
Account opening procedure is usually completed within a few minutes.
BlueOrange Bank was founded in 2001 as Baltikums Bank. BlueOrange Bank is an international private bank providing innovative banking solutions and personalized service. BlueOrange Bank offers traditional retail and business banking products, acquiring solutions, asset management and investment services. BlueOrange banks supports investments into stocks and bonds, physical gold, Forex and CFDs, and cryptocurrencies. BlueOrange Bank serves both domestic and international clients.
AS BlueOrange Bank provides products and services in the areas of personal banking, corporate banking, investment banking, online brokerage, financial advisory, settlement and cash management. The range of products offered by AS BlueOrange Bank includes current accounts, payment cards, savings accounts, time deposit accounts (0.40 - 0.99 %), consumer loans, business loans.
While onboarding a private individual AS BlueOrange Bank will ask him/her to provide the following documents: passport or ID card. For corporate clients AS BlueOrange Bank will ask to provide corporate documentation as well as information about controlling persons. AS BlueOrange Bank may request additional documentation or information depending on the case.
Dukascopy brand was launched in 1998 to research, develop, and implement a complex financial system via novel mathematical and econophysical techniques. Over the twenty years Dukascopy has been developed into an international financial group, providing online and mobile trading, banking and payment services to individuals, companies and institutions worldwide. Established in 2010, Dukascopy Bank is a Swiss innovative online bank focused on providing Internet based and mobile trading services, banking and other financial services through proprietary technological solutions. Dukascopy Bank also exercises consolidated supervision over Dukascopy Group entities, ensures adequate liquidity, risk diversification and capital adequacy at the group level.
Dukascopy Bank SA provides products and services in the areas of securities trading, forex trading, CFD trading, crypto-assets trading, white-label solutions, wealth management. The range of products offered by Dukascopy Bank SA includes current accounts, credit cards, trading accounts. Dukascopy Bank SA makes its solutions available to private individuals, financial institutions.
While onboarding a private individual Dukascopy Bank SA will ask him/her to provide the following documents: passport; utility bill. For corporate clients Dukascopy Bank SA will ask to provide corporate documentation as well as information about controlling persons. Dukascopy Bank SA may request additional documentation or information depending on the case. Dukascopy Bank SA performs client's identity verification via one of the following methods: video call, selfie + documents.
Account opening procedure is usually completed within 1 day.
Established in 1962, Arab Bank (Switzerland) Ltd is specialized in providing private banking, asset and wealth management services to its clients, traditionally from the Middle-East. Arab Bank (Switzerland) also offers treasury, trade finance and crypto-assets services. Arab Bank (Switzerland) Ltd has expanded its offerings to cater for commodity trading companies out of Switzerland.
Arab Bank (Switzerland) Ltd. provides products and services in the areas of private banking, asset management, wealth management, treasury, commodity and trade finance, crypto-assets trading, crypto-assets custody.
Founded in 1998 by Kuno Frick senior, Bank Frick is active in modern wealth management and provides a range of advisory services.
Alongside classic wealth management, Bank Frick develops and manages investments in selected real estates (Germany, Switzerland, the United Kingdom and Liechtenstein). Bank Frick also specializes in fund development and fund administration. In 2018 Bank Frick became one of the first banks in the world to offer trading and custodian services for the bitcoin (BTC) and bitcoin cash (BCH).
Bank Frick & Co. AG provides products and services in the areas of private banking, corporate banking, blockchain banking, wealth management, investment advice, fund administration, fund management. The range of products offered by Bank Frick & Co. AG includes current accounts, trading accounts, custody accounts, crypto-trading accounts, crypto-custody accounts.
flatex Bank (formerly biw Bank) is a German bank providing corporate and insitutional customers a range of corporate and investment banking products and services including online brokerage, securities, loan processing, payment services, capital markets transactions, mergers and acquisitions, collateral loans and public-sector loans.
flatex Bank AG provides products and services in the areas of white-level banking, online brokerage, securities services, credit servicing, ATM servicing, crypto-trading. The range of products offered by flatex Bank AG includes digital wallets, trading accounts, collateral loans, public sector loans. flatex Bank AG makes its solutions available to private individuals, companies.
Founded in 2006, InCore Bank is a member of SOBACO group. InCore Bank a a pure transactional bank, which do not have private clients of its own. InCore Bank specializes in Business Process Outsourcing (BPO) and also offers solutions for order execution and all back-office activities for asset managers and private banks involved in securities trading. Since July 2020, InCore Bank offers its banking services to Kraken clients. Using the solution provided by InCore Bank, Kraken started offering its clients a simple and secure method to fund their accounts in four major currencies CAD, CHF, EUR and GBP.
Sygnum Bank is the world's first digital asset bank, started in the financial hubs of Switzerland and Singapore. Sygnum Bank provides seamlessly integrated global digital asset banking.
Swissquote Bank SA is focused on providing online securities trading services to private individuals, businesses and asset managers. In 1996 Swissquote launched its financial platform which allowed private investors to access the prices of all the securities traded on the Swiss exchange in real time. In 2001 Swissquote obtained banking licence. In 2013 Swissquote Bank acquired MIG Banque, specialized in Forex trading. In 2017 Swissquote Bank started offering cryptocurrency trading (Bitcoin, Bitcoin Cash, Ether, Litecoin and Ripple). In 2018 Swissquote Bank acquired Internaxx Bank S.A. (Luxembourg).
Swissquote Bank SA provides products and services in the areas of online brokerage, securities trading, forex trading, crypto-currency trading. The range of products offered by Swissquote Bank SA includes trading accounts, mortgage loans, lombard loans, payment cards. Swissquote Bank SA makes its solutions available to natural persons, companies, financial institutions.
While onboarding a private individual Swissquote Bank SA will ask him/her to provide the following documents: passport or ID card; utility bill. For corporate clients Swissquote Bank SA will ask to provide corporate documentation as well as information about controlling persons. Swissquote Bank SA may request additional documentation or information depending on the case. Swissquote Bank SA performs client's identity verification via video call.
Account opening procedure is usually completed within 1-2 days.
Established in 2019, SEBA Bank AG is a new innovative bank aiming at prividing seamless integration bridge between digital and traditional assets. SEBA Bank provides its services to asset managers, professional investors and family offices. SEBA Bank also offers account and custody of digital assets to Swiss blockchain companies.
Founded in 1932 Maerki Baumann & Co. AG is a Swiss private bank focused on providing asset management services to private and institutional clients. Maerki Baumann & Co. AG also offers crypto-assets trading and custody.
Maerki Baumann & Co. AG provides products and services in the areas of asset management, investment management, investment advice, pension advice, real estate advice, mortgage financing, ICO/STO services, crypto-assets trading, crypto-assets custody. The range of products offered by Maerki Baumann & Co. AG includes corporate accounts. Maerki Baumann & Co. AG makes its solutions available to high net-worth individuals, blockchain companies, institutions.
Established in 1921, Max Heinr.Sutor (Sutor Bank) provides asset and wealth management to high net worth individuals. Sutor Bank also offers its banking platform which includes support for a broad range of digital services including crypto and blockchain banking.