On Thursday, Danske Bank, the largest bank in Denmark, published a four-point notice laying out its official position on cryptocurrencies. In the notice, the bank cited reasons to be careful when trading in digital assets.
Although the bank urges caution, it is not taking any practical stance against cryptocurrency. While the bank stated that it is not planning to offer any cryptocurrency services to its customers, it said it is not up to them to interfere with transactions coming from crypto platforms.
Danske Bank stated:
“For customers that deposit funds that stem from investments in cryptocurrencies, we will treat them in the same way as deposits of funds from other types of investments.”
In line with its position of not interfering, the bank said that has no problem with its credit cards being used for purchases on cryptocurrency trading platforms, albeit all KYC and Anti-Money Laundering laws are complied with:
“Furthermore, we do not block the use of a credit card issued by Danske Bank in connection with the trading of cryptocurrencies. As with all other credit card transactions, customers must follow applicable anti-money laundering procedures and comply with applicable laws.”
Cryptocurrencies represent a “significant digital innovation in financial services,” the bank said as it confirmed registered interest in the technology from many of its customers and praised the power of blockchain technology.
Four points of caution
That being said, Danske Bank provided four reasons for caution when being involved with cryptocurrencies.
First point of attention was the lack of transparency when dealing with financial crime in the crypto space. Furthermore, the crypto space lacks regulation and consumer protection measures. In addition, the bank cited the volatile nature of cryptocurrency pricing, and brought up the environmental impact of a technology that requires “very large amounts of computing power.”
Danske Bank concluded that it is continuously monitoring the crypto space and adjusts its position as the market matures and moves toward further regulation.
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Source: Igaming
