A Chilean bank made history by being the first to allow Chilean cryptocurrency exchanges to open checking accounts, leaving years of feud between the institutions.
The new achievement was celebrated by brokerage firm Buda, one of the oldest companies in the country engaged in converting cryptocurrencies to fiat.
For years, Chilean brokerages have faced resistance from big banks, which traditionally do not allow such platforms to serve their clients. At the platform’s request, the local judicial system is dealing with an unfair competition charge.
Crypto Broker Celebrates First Bank Account Opening in Chile
On Friday (28th), broker Buda celebrated good news for the Chilean cryptocurrency market, as the country’s first bank decided to open an account for the platform.
According to Buda’s announcement on social media, this is a milestone for all platforms in the country to now receive support to serve their customers.
“We became the first cryptocurrency exchange to open a checking account at Banco Bci. This milestone marks a new path for the development of the Chilean cryptocurrency industry. Welcome Bci into a new financial sector.”
We became the first cryptocurrency exchange to open a checking account at @BancoBci 🎉
This success marks a new path for the development of the Chilean cryptocurrency industry 🇨🇱
Welcome Bci to the new financial industry 👏👏👏 https://t.co/LIzqbj7ZLM
— Buda.com (@BudaPuntoCom) October 28, 2022
In order to serve Chilean cryptocurrency exchanges, BCI Bank changed its structure, believing that it would prevent any problems that might arise in its operations.
In a conversation with the country’s local newspaper “Diario Financiero”, the bank created an agreement to serve FATF-based brokers, namely the prevention of money laundering and terrorist financing.
Therefore, any other broker who wants to open an account with this institution must follow good practices to avoid problems.
In any case, since 2018, brokerages have been fighting to enter the traditional financial system, and the first doors have been opened, with banks announcing that they will have a dedicated team to accompany new clients.
Chile wants to regulate the cryptocurrency market
Chile has a bill regulating cryptocurrencies approved by the House of Representatives in October 2022, pending approval from President Gabriel Boric.
Therefore, these rules, which should also affect fintech, are likely to provide greater clarity for banks to serve brokers.
Even before the sanctions, a bank had opened an account with a brokerage firm, which is still an achievement for the Chilean cryptocurrency market, which has for years lacked the support of banks to keep it afloat.
Source of information: compiled from LIVECOINS by 0x information.The copyright belongs to the author and may not be reproduced without permission