20.01.2021
Coop Pank has relaxed its rules on cryptocurrencies and starting Monday, January 18, 2021, allows customers to buy and sell cryptocurrencies for their own use through Coop Pank current accounts.
The change allows private and business clients of Coop Pank to make transfers from their current accounts to buy cryptocurrency and to receive transfers from the sale of cryptocurrency. “Although banks are still very cautious about cryptocurrencies due to the risk of money laundering, we believe that today there is no longer any reason to prohibit Coop Pank customers from buying and selling cryptocurrency for their own use,” said Heikko Mäe, a member of the management board and risk manager in Coop Pank.
He added that recently interest and confidence of institutional investors in cryptocurrencies, especially bitcoins, have increased. This is also confirmed by the fact that several funds specializing in the cryptocurrency have been established in our region (COINXBE and COINETHE), and they are also traded on the Stockholm Stock Exchange.
The change, however, does not apply to cryptocurrency wallet service providers and other intermediaries who receive funds from third parties in order to purchase cryptocurrency. “Stricter rules regarding service providers will remain in place. Under such rules, they still will not be able to use the Coop Pank platform, as such activities require a separate license. Cryptocurrencies are associated with higher risks, and in order to reduce them, banks are required to develop appropriate measures, monitoring, and procedures, as well as provide special training to their personnel,” explained Mäe.