Opening a bank account for cryptocurrency transactions

Today, many enterprises and individual investors seek to use cryptocurrencies as an investment asset or a means of settlement with counterparties. However, not every bank is ready to support transactions with cryptocurrencies. Before opening an account and transferring funds to it for transactions on crypto exchanges, it is extremely important to study the bank’s terms of service carefully. The international law firm Antwort Law offers a service for opening corporate bank accounts, specially adapted for working with cryptocurrencies.

Banks may impose strict restrictions on purchasing crypto assets or their use as a means of payment. Additionally, the customer verification (KYC) process on crypto exchanges can vary significantly depending on whether you are an individual or a company. This process is usually standard for individuals and includes providing personal information, photographs, and proof of address.

Legal entities, especially those working in the financial or cryptocurrency industry, can have much stricter requirements. Exchanges may require the company's charter documents, proof of business activity, and details of funding sources. These measures are taken to ensure compliance with antitrust regulations and prevent the financing of terrorism.

To ensure successful transactions with cryptocurrencies, we recommend discussing the following important aspects in advance with the manager of the bank where you plan to open an account:

  •     What transactions with cryptocurrencies are allowed in this bank;
  •     Which transactions can be classified as suspicious;
  •     What documents are required to perform cryptocurrency transactions?

These measures will help minimize possible risks and ensure compliance with all requirements and regulations associated with cryptocurrency transactions.

Antwort Law has significant experience in cryptocurrency regulation and EU financial law. Our services include:

  • Consultations on choosing a bank that suits your needs for transactions with cryptocurrencies;
  • Assistance in completing the KYC process and registering on crypto exchanges;
  • Legal support of transactions and compliance with regulatory requirements;
  • Consultations on minimizing risks and optimizing the tax burden when working with crypto-assets.

By contacting Antwort Law, you will gain access to our specialists’ deep knowledge and experience, allowing your business to operate safely and effectively in the cryptocurrency market.

Lidia Ivanova

International lawyer
Antwort Law

How to minimize risks when working with crypto assets?
We recommend conducting all financial transactions through trusted and trusted channels, complying with the law, and using professional legal services for audit and compliance to help avoid legal issues and protect your capital.
Which banks support transactions with cryptocurrencies?
The choice of banks that support cryptocurrency transactions is limited due to high regulatory risks, however, some banks have adapted their services to work with cryptocurrencies, offering opportunities for opening accounts, exchanging and managing crypto assets. When choosing a bank, it is important to pay attention to its licensing, services offered, level of security, quality of support and fee structure. At Antwort Law, we help clients analyze and select banks that meet their cryptocurrency trading requirements.
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