How Policy Shaped Cryptos Banking Prospects
For years crypto businesses have been plagued with an inability to establish and maintain banking relationships a situation downstream of a general lack of regulatory clarity. Today, banks in the U.S. and reportedly the European Union are facing increasing pressure to stand aside from the crypto industry. While it might sound like a positive thing for a movement looking to establish a parallel financial system one bound by code rather than human intervention the return to a lack of bank access would be devastating for many in crypto.
But thats an unlikely scenario. Instead, in the coming years more banks with higher profiles will likely be willing to work with crypto firms. Better policy will be put in place, and mature crypto firms that survive, or start in, the bear market will have to meet tighter regulations and submit to more scrutiny. This prediction is in part based on a hunch, and a few background calls with bankers who could not go on the record and who said that crypto is still an area of business development. While things seem bleak, its important to recognize that bitcoin did not go to zero and that much of the industry is more than holding up.
Continue read on nasdaq.com