Crypto

Qonto Bank now allows its clients to invest in cryptocurrencies

Qonto changes its mind about cryptocurrencies

After several years of refusal, the corporate bank Qonto now accepts that its clients invest their cash in cryptocurrencies. We can read on the site:

“At Qonto, the use of cryptocurrencies is possible, but it is regulated. This is because we do not accept all activities or all transactions. “

Thus, the bank specifies several conditions to be respected. It is possible to invest in cryptocurrencies as long as you go through a platform previously authorized by Qonto.

Therefore, the service provider must be domiciled in the United States, Germany, the United Kingdom, or France. In addition, the company must be registered as a Digital Asset Service Provider (PSAN) with the Autorité des Marchés Financiers (AMF). In fact, the PSAN is mandatory to legally exercise certain activities related to the cryptocurrency market in France.

Specifically, Qonto tolerates interactions with vendors such as Coinhouse, LGO Europe, Paymium, and StackinSat. The Bitpanda exchange, registered by PSAN but based in Austria, is excluded from the conditions set by the bank. Nicolas Louvet, CEO of Coinhouse, said:

“We are delighted at Coinhouse that Qonto, one of the best French Fintech companies, has changed its mind and is now accepting that its clients invest in cryptocurrencies. This is the meaning of the story and all banks will do the same. “

What about crypto companies?

Qonto’s change of position does not affect startups with activities related to cryptocurrencies. Thus, the French bank reserves the right to open or not a professional account for this type of company.

Note that the bank allows, on the other hand, the opening of a professional account if the activity does not concern only cryptocurrencies or if it corresponds to advice (crypto / blockchain).

👉 To read on the same topic: France: Binance wants to get PSAN status “within 6 to 12 months”

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About the author: Florent David

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Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0, and non-fungible tokens (NFT).
All articles by Florent David.

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