Nearly every country’s crypto and blockchain sectors are expanding under ambiguous laws and guidelines.
Almost every country’s central bank attempted to keep crypto-related enterprises out of the corresponding territory through crypto banking ban regulations, which can be found in nearly every major country.
Prominent crypto token price tracker portal Coingecko stated on July 27, 2023, that two-thirds of the 30 largest worldwide banks by assets under management (AUM) enable crypto trading via licensed crypto enterprises (including crypto exchanges).
Data findings also revealed that 74% of the world’s top 50 banks give banking services to crypto exchanges for crypto trading, not for ordinary crypto investors.
It is worth noting that the non-crypto-friendly institutions are Chinese, as crypto trade and investing are completely forbidden in China as of January 1, 2022.
Although crypto is completely prohibited in mainland China, China’s special administrative territory Hong Kong is demonstrating its global dominance through more favorable crypto policies.
The Hong Kong authorities welcomed global crypto enterprises to locate their headquarters there in order to conduct their crypto operations in complete regulatory compliance.
According to official legislation, crypto trading is not prohibited in the bulk of the country’s jurisdictions, and banks are free to supply services to crypto enterprises, but the practical level game is not so simple.
For instance, any bank in the United States is allowed to provide services to cryptocurrency enterprises, but a serious situation happened between Q4 2022 and Q3 2023.
During this time period, many crypto entrepreneurs stated that they were unable to secure a banking partner, while other crypto companies were under pressure from their existing banking partners to reveal more data about their business plans.
This was the case not only in the United States, but also in the United Kingdom, Australia, and some European Union countries.
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