Hello guys, new to here, after a little research , found out that the biggest obstacle to run your own crypto wallet is to find a bank account for it！so let discuss here how to solve it!
which EMI is available for an Estonia licensed crypto wallet as an currency exchange account
- Thread starter joeytamlovebusiness
- Start date
- Status
You keep using the term crypto wallet. If it is similar to say blockchain.com you won't need a license, so what exactly is it you want to setup?
The crypto wallet is for example electrum, wasabi. These contains your personal adresses that people can transfer bitcoins to.
The next step if you wanna cash out (or load up your bitcoins) is to find a good exchange. Since you mention bank account I assume youre looking for exchanges with fiat ramps. There is many of those for example bitstamp, coinbase, kraken which all are centralized. There is also good amount of decentralized exchanges (which is prefered if you dont wanna go through a bunch of kyc/aml) examples of these are bisq and localbitcoins (requires some kyc). Here you will middleland the crypto while its︀ on sale, or if youre buying.
Now you want to find a place to land︁ the fiat at, and this is where it get very personal. Many emi or banks︂ dont really wanna deal with crypto so you gotto find one that suits you and︃ your concept.
Just to clarify the lingo.
The next step if you wanna cash out (or load up your bitcoins) is to find a good exchange. Since you mention bank account I assume youre looking for exchanges with fiat ramps. There is many of those for example bitstamp, coinbase, kraken which all are centralized. There is also good amount of decentralized exchanges (which is prefered if you dont wanna go through a bunch of kyc/aml) examples of these are bisq and localbitcoins (requires some kyc). Here you will middleland the crypto while its︀ on sale, or if youre buying.
Now you want to find a place to land︁ the fiat at, and this is where it get very personal. Many emi or banks︂ dont really wanna deal with crypto so you gotto find one that suits you and︃ your concept.
Just to clarify the lingo.
Technically, there are two types of so-called Estonian cryptocurrency licenses:
- Providing services of exchanging a virtual currency against a fiat currency
- Providing a virtual currency wallet service
Most operators possess both of them though. If Blockchain.com was incorporated in Estonia, IMO, it would have been obliged to obtain the second license, as it falls under scope of relevant national legislation.
Now, getting back to the question raised by TS, there︀ is no simple, one-fits-everyone, solution if we speak frankly. There are banks and EMIs out︁ there that accept crypto-related businesses, but as usual nowadays, it would depend on:
- What︂ exact business do you intend to carry on through your licensed entity (e.g. do you︃ plan to setup some sort of crypto buy-sell facility, trading venue, or conduct ICO/STO/IEO)
- What measures would you be able to implement (not only on the template of KYC︄ policy you've got from your CSP, but practically) to mitigate fraud, sanctions, terrorism-related and other︅ ML risks. That is a very important point to consider, especially given 5th MLD entry︆ in force as of January.
- Who's running the company and what's their profile (citizenship,︇ residence, experience, presence or absence of adverse media info);
- The most important point of︈ consideration is: would the business you plan to bring in to the FI be worth︉ the risks dealing with cryptos? Would you be able to make some sort of security︊ deposit (10-50-500 k EUR) and commit to a certain monthly turnover that would show that︋ you are serious about that business and it is not all for laundering some petty︌ cash from phony ICO?
So, now you have a clearer picture of what needs to︍ be demonstrated in order to secure credible banking relationships.
Some EMIs that can consider crypto-related︎ projects are:
- Lithuanian EMIs, such as Pervesk etc.
- Wirex (according to the latest️ reports, has major banking problems)
- Sterling Payments (technically not EMI, various credibility reports)
I wouldn't name any banks or some other EMIs on a public forum for obvious reasons.
- Providing services of exchanging a virtual currency against a fiat currency
- Providing a virtual currency wallet service
Most operators possess both of them though. If Blockchain.com was incorporated in Estonia, IMO, it would have been obliged to obtain the second license, as it falls under scope of relevant national legislation.
Now, getting back to the question raised by TS, there︀ is no simple, one-fits-everyone, solution if we speak frankly. There are banks and EMIs out︁ there that accept crypto-related businesses, but as usual nowadays, it would depend on:
- What︂ exact business do you intend to carry on through your licensed entity (e.g. do you︃ plan to setup some sort of crypto buy-sell facility, trading venue, or conduct ICO/STO/IEO)
- What measures would you be able to implement (not only on the template of KYC︄ policy you've got from your CSP, but practically) to mitigate fraud, sanctions, terrorism-related and other︅ ML risks. That is a very important point to consider, especially given 5th MLD entry︆ in force as of January.
- Who's running the company and what's their profile (citizenship,︇ residence, experience, presence or absence of adverse media info);
- The most important point of︈ consideration is: would the business you plan to bring in to the FI be worth︉ the risks dealing with cryptos? Would you be able to make some sort of security︊ deposit (10-50-500 k EUR) and commit to a certain monthly turnover that would show that︋ you are serious about that business and it is not all for laundering some petty︌ cash from phony ICO?
So, now you have a clearer picture of what needs to︍ be demonstrated in order to secure credible banking relationships.
Some EMIs that can consider crypto-related︎ projects are:
- Lithuanian EMIs, such as Pervesk etc.
- Wirex (according to the latest️ reports, has major banking problems)
- Sterling Payments (technically not EMI, various credibility reports)
I wouldn't name any banks or some other EMIs on a public forum for obvious reasons.
- Status