66.6% of top global banks support cryptocurrencies: Report
A recent report by Coingecko confirmed that 2 third of the 30 top global banks support Crypto companies.
The crypto & blockchain sector is evolving in almost every country under unclear laws & rules. Almost every country’s central bank tried to keep crypto-related companies away from the corresponding jurisdiction via crypto banking ban measures, which can be seen in almost every big country.
On 27 July 2023, Popular crypto token price tracker platform Coingecko reported that two-thirds of the 30 biggest international banks by assets under management (AUM) support crypto trading through regulated crypto companies (including crypto exchanges).
Data findings also noted that 74% of the top 50 banks in the world provide banking services to the crypto exchanges for crypto trading, not for the crypto services related to retail crypto Investors.
It is worth it to note that the non-crypto friendly banks are Chinese, as crypto trading or investment is fully prohibited in China since 1 Jan 2022.
However, crypto is fully banned in mainland China but still China’s special administrative region Hong Kong is showing its dominance in the world through better & friendly crypto policies.
The Hong Kong authorities invited Global crypto companies to establish their headquarters to operate their crypto business under full regulatory clarity.
Crypto banking ban
In the majority of the country’s jurisdictions, crypto trading is not illegal and also banks are free to provide services to crypto companies, as per official laws, but the practical level game is not so simple.
For example, any bank in the USA is free to provide services to the crypto companies but still, a very critical situation occurred between Q4 2022 to Q3 2023. In this timeframe, huge numbers of crypto entrepreneurs said that they were failing to get a banking partner and other crypto companies were getting pressure from the existing banking partner to provide more details about the business model.
This situation was not only in the US but also in the UK, Australia, & also in some EU countries.
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