After an onslaught of inquiries questioning how Danske Bank would move forward dealing with cryptocurrencies, the bank responded. They released a statement clarifying their position on trading and investing in cryptocurrencies
Released Statement:
In recent years, cryptocurrencies such as bitcoin and ethereum have received significant attention from investors and media, and Danske Bank regularly receives questions on this topic from customers, journalists and other stakeholders.
Cryptocurrencies represent a significant digital innovation in financial services and we recognise that there is a significant global market for crypto currencies and that many customers find cryptocurrencies interesting. At the same time, we see great potentials in the blockchain technology, which cryptocurrencies build upon. However, as a financial institution, Danske Bank for several reasons maintains a very cautious approach towards cryptocurrencies.
For these reasons, it is at present not possible to trade cryptocurrencies or financial instruments based on cryptocurrencies on Danske Bank’s trading platforms, and we generally advise against investing in such assets. Thus, we cannot currently offer investment advice on cryptocurrencies or financial instruments based on cryptocurrencies.
We thus favour developments under the new EU legislation Regulation of Markets in Crypto Assets (MiCA), as it is expected to ensure better regulation of the market for cryptocurrencies and other types of digital assets such as stablecoins.
Regarding Credit card transactions and deposits related to crypto currencies;
For customers that deposit funds that stem from investments in crypto currencies, we will treat them in the same way as deposits of funds from other types of investments. Accordingly, we may accept the deposit if it complies with applicable law and follows anti-money laundering procedures.
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 other credit card transactions, customers must follow applicable anti-money laundering procedures and comply with applicable laws.
However, we continuously monitor developments in the area of cryptocurrencies, and as the cryptocurrency market matures and is further regulated, we will review our position.
