According to its newly announced position on cryptocurrencies, Danske Bank will not block credit cards used in crypto trading. The Danish bank would also accept deposits related to crypto investments, although it follows a cautious approach towards decentralized digital assets.
Denmark’s Largest Bank Clarifies Its Stance on Cryptocurrencies
In recent years, cryptocurrencies such as Bitcoin and Ethereum have received significant attention from investors and media, the bank noted to the responding inquiries from customers and other stakeholders.
Denmark’s largest banking institution recognizes that “cryptocurrencies represent a significant digital innovation in financial services” and praises the “great potentials in the blockchain technology.” At the same time, it continues to maintain “a very cautious approach towards cryptocurrencies.” The bank listed several reasons for that.
- Danske finds it hard to meet its obligations to fight financial crime and money laundering as crypto trade is “not always sufficiently transparent.”
- As crypto trading is only partially regulated, clients do not get the same level of consumer protection that comes with other financial products.
Despite its hesitant attitude towards cryptocurrencies, Danske is not completely turning its back on crypto traders and investors.