The National Bank will process applications from investors in crypto banks by the summer, the regulator’s head Roman Halouchanka said at the National Assembly. According to him, major financial institutions have shown interest in the decree on crypto banks.
“I would note that a number of major financial structures — both domestic and foreign — are already showing interest in this decree, which is quite breakthrough even by international standards. The first applications from investors and market participants will be processed by the summer of this year,” Halouchanka said.
The decree is due to enter into force in the middle of the year. The National Bank chief also outlined the advantages of the new type of financial institutions.
“First, a single balance sheet — companies will not need to split between a bank account and an exchange account. Second, reduced risks of account blocking, since crypto banks will be supervised by the National Bank and transactions in them will become transparent to supervisory authorities. Third, the range of opportunities for individuals will expand — loans secured by cryptocurrency, crypto deposits, crypto cards enabling payment for goods and services, and even receiving salaries in cryptocurrency,” he said.