US authorities are striving to simplify access to banking services for representatives of the cryptocurrency business

Researchers of the analytical company Elliptic noted that in the United States, attention to the problems of the crypto industry in the banking sector is growing. Politicians and regulators admit that many companies from this sector are faced with difficulties when opening accounts and servicing in traditional banks. Now the authorities are considering the possibility of weakening tough restrictions.

Experts emphasized that today many financial institutions avoid working with representatives of the cryptocurrency business due to the strict requirements of the regulators. This leads to mass failures to open accounts, which complicates the operational activity of blockchain companies. This phenomenon is called “de-risking”-the decision not to work with customers whom banks are considered risky.

Experts believe that the American authorities signal the desire to change the situation. Measures are discussed that will help crypto business gain access to banking services without unnecessary restrictions. So far, there are no specific solutions, but the very fact of dialogue may indicate imminent changes in regulation.

Meanwhile, important changes in this area are also taking place in other countries. In Hong Kong, work on the law on stablecoins is actively underway, and the sandbox is also created to test crypto projects. In Jordan, the authorities approved a plan for creating a regulatory framework for crypto assets.

Salvador, who was the first to legalize Bitcoin as an official currency, is reviewing his policy because of the requirements of the IMF. In India, the authorities are again studying the possibilities of regulating the virtual currency industry against the background of changes in the global mood for digital assets.

Thus, the cryptorrhene remains in the focus of the attention of regulators around the world. The United States can soften the conditions for business, and other countries continue to develop their approaches to regulation of digital assets.

Author

Peter Ivanov