In a context where crypto-currencies are growing and attracting interest, some banks have already taken a close interest in this new virtual currency.
Over time, cryptos have gained a strong reputation thanks to the speculative and media boom of some virtual currencies such as Bitcoin or Etherum.
How do you introduce cryptocurrency into banks?
The task is far from simple. To be able to use digital currency, a bank must have PSAN (Providers On Digital Assets) status. “The PSAN is a mechanism which purpose is the regulation of the market related to digital currencies. It can be defined as an approval granted by the FMA to any player meeting certain conditions. As a result, the provision of services related to digital assets is no longer available to everyone.” To obtain this status, you must either be registered with the FMA (Financial Markets Authority) or hold an optional licence.
Crypto assets: a new era
Several private banks have already introduced crypto-currencies into their activities, such as Delubac & Cie, which was one of the first to hold the PSAN license.
But other private banks have created their own subsidiary, specialized in virtual currency. The list goes on and on: Société Générale Forge, Trade Republic, Coinhouse … These “crypto-banks” are multiplying over time.
On the European continent, reluctance persists, due to the volatility of crypto-assets. Unlike some U.S. banks that have jumped in (Goldman Sachs, Morgan Stanley, Bank of New York …), other private banks are still studying the market. This is mainly the case of Edmond de Rothschild which has decided (for the moment) to remain cautious in view of certain regulations.