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Circle Internet Group announced plans to introduce the Circle Payments Network (CPN) in May. The platform seeks to facilitate instant cross-border payment settlements through regulated stablecoins USDC and EURC. The Circle Payments Network strives to connect real-time domestic payment systems which allows efficient cross-border money transfers. The payment network will link financial institutions such as […]
A subsidiary co-owned by Crédit Agricole and Santander has registered as a digital asset service provider in France. The registration of Caceis, a company that specializes in offering financial services to institutional investors, allows the two major European banks to tap into the crypto market. Crédit Agricole Asset Management Unit Obtains AMF Registration in France [...]
The post Banking Giants Crédit Agricole, Santander Seek to Provide Crypto Custody Under French Registration appeared first on Crypto Breaking News.
Although receptive to crypto companies, the European banks say there would be restrictions.
The U.K. bank Santander will prevent its customers from sending transactions to crypto exchanges next year. Santander to Block Exchange Payments Santander will soon restrict users from buying crypto. Reuters...
Santander to impose a £1,000 transaction limit on its crypto customers in the UK (Read More)
<p>Portuguese banks began closing accounts that belong to crypto exchanges, citing 'risk management' as the main reason for the closures. Portugal gained its reputation for welcoming cryptocurrency exchanges as no tax is imposed on crypto earnings.</p><p>These banks are Banco Comercial Portugues (BCP), <a href="https://www.financemagnates.com/executives/moves/banco-santander-names-hector-grisi-as-ceo/" target="_blank">Banco Santander</a>, Caixa Geral de Depósitos, BiG, and Abanca. At least four crypto exchanges had their accounts closed according to recent reports.</p><p>All the exchanges are registered with the central bank of Portugal. These exchanges are Criptoloja, Mind the Coin and Luso Digital Assets. The 4th <a href="https://www.financemagnates.com/terms/e/exchange/" target="_blank" id="b5da6e64-2afe-421d-9b81-16404b7d59d6_1" class="terms__main-term">exchange</a> requested the media to remain anonymous.</p><p>The Bank of Portugal is not Intervening</p><p>The Bank of Portugal Governor, Mário Centeno commented the following on the banks' decision: "The decision to open or continue to offer bank account services depends in such cases on the risk management policies that each banking institution puts into place.”</p><p>Pedro Guimaraes, the Founder of Thoughts the Coin stated that an official explanation was provided by the banks: "While there is no official explanation, some banks just tell us they don’t want to work with crypto companies. It’s almost impossible to start a crypto business in Portugal right now."</p><p>While no official explanation was provided, some are suggesting 'suspicious transactions' have led to the bank's decision to close the accounts. Some suggest that if the bank suspects <a href="https://www.financemagnates.com/terms/m/money-laundering/" target="_blank" id="f30ffb65-351e-44d6-9dae-0714f08b59b2_1" class="terms__secondary-term">money-laundering</a> is being committed or improper enforcement of KYC, the bank account will be closed.</p><p>Although Portugal rejected 2 bills imposing a crypto tax, they were dismissed in May. However, there are expectations from the ruling party to present its own bill taxing cryptocurrencies.</p> This article was written by Matti Williamson at www.financemagnates.com.
The bank’s CEO said the firm would release more details for its Bitcoin and cryptocurrency services by or before the release of its quarterly results.
Case volumes are up 61% in the first from the previous three months.
Continue reading Why Celebrity-Backed Crypto Scams are on the Rise in the UK at DailyCoin.com.
Santander, a multinational Spanish bank, has announced that it will issue loans in Argentina secured by agricultural commodities-based cryptocurrency. Santander has teamed with Agrotoken to provide these loans to the agriculture sector. The Ethereum, Algorand, and Polygon networks will be used to build the infrastructure. How does Santander’s new collaboration work? Each token will represent […]
The Argentinian offshoot of Spanish multinational financial services company, Banco Santander, is on track to start offering a loan product to farmers with tokenized agricultural-based products. (Read More)
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