- ATB opening bank accounts for crypto ventures who comply with KYC/AML rules
- The bank says it believes that blockchain technology and crypto assets are here to stay
While most banks shy away from servicing bitcoin-related businesses due to the unregulated nature of the crypto space, Alberta Treasury Branches (ATB) has welcomed distributed ledger technology (DLT) startups with open arms, giving them highly efficient banking services to aid their operations.
Crypto Startups still need Banks to Survive
The vision of Satoshi Nakamoto, anonymous creator of bitcoin, was to put in place an entirely decentralized, peer-to-peer monetary system that would function in a frictionless way, without interference from governments or traditional financial institutions.
However, for digital currency businesses to survive in the real world and carry out some primary activities such as hiring staff, purchasing equipment, rent an office, pay taxes and utilities, these startups need to have access to fiat currency.
Amidst that backdrop, it’s almost impossible for businesses in the cryptospace to flourish without some form of banking services.
Banks still feeling threatened
One of the many excellent features of cryptoassets is making it possible for people to send and receive funds almost anonymously.
But in the traditional finance system, all payments must go through institutions complying with strict regulations, generally requiring them to have access to the details of every transaction passing through their databases.
While the privacy and anonymity that comes with digital assets might be a good thing for many, bad actors have often tried to take advantage of the system to perpetrate crimes like money laundering.
Although many nations across the globe have started regulating their bitcoin and altcoin industries, making it mandatory for cryptocurrency exchanges, initial coin offering (ICO) organizers and other virtual currency-linked businesses to conduct proper KYC/AML checks, a vast array of banks globally still run away from crypto.
ATB Supports Bitcoin-linked Businesses
Alberta Treasury Branches (ATB), a financial services company providing financial services to more 740K Albertans has made it clear that it firmly believes that distributed ledger technology (DLT) and cryptos are to stay and as such, the bank has been rendering quality services to crypto startups in Alberta who comply with the relevant KYC and AML regulations.
With the crypto space steadily moving toward the mainstream with each passing day, it’s only a matter of time before a good number of forward-thinking banks like ATB join the bitcoin bandwagon.