Largest Danish bank, Danske Bank, announced its official stand on cryptocurrencies on Thursday the 17th of June.
The bank’s stance was made known when it issued a four-point notice outlining the reasons to be mindful when trading digital assets.
The bank vehemently stated that it will not provide any cryptocurrency services to its customers and will not interfere with transactions from cryptocurrency platforms. While No actual stance is taken on cryptocurrencies.
Furthermore, the bank stated that: “For customers who deposit funds from cryptocurrency investments, we will treat them in the same way as deposits of other types of investments.”
The bank also stated that assuming compliance with the usual anti-money laundering laws, it believes there is no problem using credit cards on cryptocurrency trading platforms.
In addition, we will not prevent the use of credit cards issued by Danske Bank in connection with trading cryptocurrencies.
As with all other credit card transactions, customers must follow applicable anti-money laundering procedures and comply with applicable laws,” the bank stated.
The bank acknowledged that cryptocurrency represents “significant digital innovation in financial services” and stated that it has repaid the bank.
Danske bank appraised the potential of blockchain technology but then went on to list four reasons for keeping a cautious attitude in cryptocurrency. It also emphasized the lack of transparency in financial crimes in the crypto sector.
The bank pointed to the lack of regulatory and consumer protection measures, the volatility of cryptocurrency prices, and the environmental impact of technologies that require “very large amounts of computing power.”
On a closing remark, the bank revealed that it has been monitoring the encryption field and will re-examine its position as the market matures and supervision strengthens.
