[ad_1]
One of Estonia’s largest banks, LHV Bank, recently issued an announcement stating that It will provide customers with access to encrypted trading servicesThis will make LHV Bank the first bank in the country to provide such services to its customers.
Customers of the bank will have the opportunity to use LHV’s mobile application to trade crypto assets such as Bitcoin, Ethereum and Chainlink.It was also announced that the transaction solution in the banking application will be based on Bitstamp, which is One of the largest cryptocurrency exchanges worldwide.
According to the statement issued by the bank, individuals will be able to trade crypto assets together with other investments.As a result, the Encrypted exchange It will provide traders with a convenient way to enter the popular and fast-growing crypto industry, and will also allow customers to view their investment portfolios.
In addition, the bank’s mobile app will provide individuals with pre-filled tax forms, which will make it easier for them to declare encrypted transactions. The head of the company’s retail banking investment services pointed out that LHV works very hard to ensure that customers have the opportunity to use the assets they want to increase their wealth.
He added that this is one of the main reasons why bank representatives are so actively monitoring the development of the investment field to ensure that the product is always in sync with ongoing events around the world.
LVH is one of the largest domestic banks Estonia It has more than 630 employees and more than 310,000 customers use the bank’s services.
Available crypto assets
When announcing the decision, the bank pointed out that it will provide customers with the opportunity to buy and sell eight major cryptocurrencies at market prices.
The cryptocurrencies initially available to bank customers include Bitcoin, Ethereum, Litecoin, Uniswap, Chainlink, Stellar Lumens, Polygon, and Aave. However, the company representative also added that the bank plans to provide individuals with additional transaction assets and more order types and solutions to ensure convenient transaction services for individuals.
LHV also pointed out that in the long run, they plan to pay close attention to Blockchain industry And solutions around the world. According to LHV representatives, whenever new and suitable opportunities appear in the market, they will be prepared to take necessary measures to provide customers with more diversified services.
In the past few years, the encryption and blockchain industries have become very popular in Estonia. The younger generation of the country is very keen on the encryption industry and everything it can bring to individuals. The measures taken by the country’s largest bank are very important to the future development of the industry in Estonia.
Estonia’s efforts in encryption regulations
Recently, the Ministry of Finance of Estonia A bill was issued to set operational and regulatory requirements for most of the country’s fintech industry, including crowdfunding platforms and platforms that provide crypto trading services.
The country’s Finance Minister Keit-Pentus Rosimannus said that the financial technology industry has developed rapidly in the country over the years, and there are even some international companies operating in the country.
Because of the rapid development, there have been many services to raise funds and enter the market. According to him, up to now, the government has very little regulatory intervention in the industry. It is very important to find ways to regulate the market without hindering innovation.
It was pointed out that the main purpose of the country’s regulatory framework changes was to ensure that the rules were uniform for everyone involved in the industry. On the other hand, it is also very important to ensure that retail traders involved in the industry can receive correct and complete information about their investments and other services they may use.
Once the changes take effect, current and future crowdfunding service providers will have to adjust their activities according to the new standards.This requires obtaining an activity permit and being subject to financial supervision
Supervision by the authorities and reporting requirements. In addition, companies must provide services in accordance with legal requirements, and if they do not meet these standards, they will be held accountable.
In addition, starting today, all virtual currency service providers licensed by the financial intelligence department must apply to the Financial Supervisory Authority for activity permits and comply with the provisions of the Act in their operations.
The EU’s crowdfunding rules came into effect on November 10 this year and only apply to websites that allow people to invest in companies. The law proposes to impose the same operating standards on other crowdfunding service providers, thereby creating a level playing field in the industry.
Amendments to the “Money Laundering and Terrorist Financing Prevention Act” are also being prepared. The goal is to establish new standards to more effectively manage the money laundering and terrorist financing risks associated with virtual currency service providers.
Market experts said that such measures taken by the country’s government are very important for the future development of the country’s financial technology and blockchain industry. However, it is very important for the Estonian government to ensure that they do not hinder market innovation while protecting individuals participating in the market.
[ad_2]
Source link
