Coop bank decides to mitigate cryptocurrency regulations and now allows its clients to buy and sell cryptocurrency for personal usage by using Coop bank account.
“Although banks are still very cautious about cryptocurrencies because of the risk of money laundering, we believe that there is no longer a reason to ban Coop Pank customers from buying and selling cryptocurrency for their use,” — said Heikko Meyer, a board member and risk-taker, Coop Bank manager.
He adds that recently the interest and trust of investors has arisen towards cryptocurrencies, especially bitcoins.
Still, changes do not apply to service providers of crypto wallets and other intermediaries who receive funds from third parties to obtain cryptocurrency for them.
“Service providers will continue to be subject to stricter rules that would preclude them from using the Coop bank platform, as such activities require a separate licence. Cryptocurrency carries a higher risk, and banks are required to develop appropriate measures and procedures and train personnel to reduce it,” — Miae explained.