After Years of Uncertainty, Cryptocurrency Exchanges Can Open Bank Accounts in Chile
After years of court battles in Chile, a cryptocurrency exchange has managed to open a bank account in Bci, a financial institution that established a protocol to serve these businesses. The first exchange that opened a bank account with the institution was Buda, a local exchange, which satisfied the requirements of the bank in the mentioned protocol. Cryptocurrency Exchanges Can Now Open Bank Accounts in Chile On Oct. 28, Bci, a bank in Chile, announced that it had developed a protocol to allow cryptocurrency exchanges to open checking accounts with the institution. This marks a milestone for cryptocurrency exchanges in the country, which had been fighting for the right to use traditional banking services for years. The protocol developed includes a series of requirements inspired by recommendations issued by the Financial Action Task Force (FATF), which include the fulfillment of compliance processes, traceability of transactions, prevention of money laundering, financing of terro...