More & more EMI's are popping up in Latvia, is it easy to open a financial company there?
- Thread starter TurnedToRobot
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You can be a︁ bank not dealing with USD, yes it sucks and yes customers will be unhappy... but︂ it is still possible. Some banks lose access to USD for weeks, months or even︃ years.
I've heard it was very easy to open a bank in the Carribean in︄ the 2000s, now it is either impossible or useless or both. And supposedly there are︅ some alternative places suitable for your needs like Mongolia if you know the right people...︆ But I have no details about that.
I've heard it was very easy to open a bank in the Carribean in︄ the 2000s, now it is either impossible or useless or both. And supposedly there are︅ some alternative places suitable for your needs like Mongolia if you know the right people...︆ But I have no details about that.
Absolutely, having direct access to USD is not as easy or attractive as before. But most people forming a bank today want access to at least one major currency, whether it's EUR, USD, GBP, CHF, or other important internationally used currencies.
My point was that a bank license in a place such as Puerto Rico and other offshore banking legislations are practically useless today. Even︀ reputable and stable banks are losing access to correspondent accounts as the major banks derisk.︁
A bank license in minor jurisdictions like Mongolia would only give you access to their︂ local currency, which most customers outside Mongolia wouldn't be interested in.
My point was that a bank license in a place such as Puerto Rico and other offshore banking legislations are practically useless today. Even︀ reputable and stable banks are losing access to correspondent accounts as the major banks derisk.︁
A bank license in minor jurisdictions like Mongolia would only give you access to their︂ local currency, which most customers outside Mongolia wouldn't be interested in.
I understand your problem. But this is normal in the offshore industry I can tell you. Even in the onshore i.e BOV has LOST its last USD correspondence account (USD relationship ends December 2019) and that is the biggest bank︀ in Malta....lol. I don't think using a sledgehammer to crack a walnut is a good︁ idea in your case.
Like I said you need to apply for multiple correspondence accounts.︂ Also have you tried joining Ripple?
Like I said you need to apply for multiple correspondence accounts.︂ Also have you tried joining Ripple?
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