Denmark’s largest bank will not interfere in cryptospace

Danske Bank, the largest bank in Denmark, issued its official statement on cryptocurrencies on June 17, when it issued a four-point announcement describing the reasons for caution in trading in digital assets.

While the bank urged users to proceed with caution, it stopped taking a practical stance against cryptocurrencies. The bank stated that it did not offer any cryptocurrency services to its customers, but that it would also not interfere in transactions originating from cryptocurrency platforms.

“We will treat customers who make investments from cryptocurrency investments in the same way as customers whose deposits come from other types of investments.”

The bank also stated that it did not see any problem with the use of its credit cards in connection with cryptocurrency trading platforms, provided that the usual anti-money laundering laws were complied with.

“Furthermore, we do not block the use of a credit card issued by Danske Bank in connection with the trading of cryptocurrencies. As with all credit card transactions, customers must comply with applicable anti-money laundering procedures and laws. ”

The bank said.

Maintaining a cautious approach

The bank acknowledged that cryptocurrencies were a “significant digital innovation in financial services” and said it had registered interest in the technology with many of its customers. The bank also appreciated the potential of blockchain technology, but ultimately set out four reasons for maintaining a cautious approach to cryptocurrency trading.

The Bank emphasized the lack of transparency in dealing with financial crime in the crypto space. It also noted the lack of regulation and consumer protection measures, the volatile nature of cryptocurrency prices and the impact of technology, which requires a “very large amount of computing power” on the environment.

Conclusion

Danske Bank stated that it generally does not recommend trading in cryptocurrencies, but also added that it is continuously monitoring the cryptocurrency space and will review its position as the market matures and is more fully regulated.