Banks And Cryptocurrencies Global Evaluation: Americas

Some banks are refusing to process international wire transfers for accounts associated with cryptocurrency, and some decline Bitcoin futures trading on US exchanges.

Canada's Standing Committee on Finance, FINA, passed amendments on pre existing finance laws in 2014 to update laws to include cryptocurrency, require crypto firms to register with the agency, and prohibit banks from dealing with businesses not registered with the agency.

The Bank of Montreal, Scotiabank and Toronto Dominion Bank, three of Canada's biggest, banned purchase of cryptocurrency with debit and credit cards in February, following the lead of US banks.

The bill requires crypto operators to register with the Bank of Mexico as 'Financial Technology Institutions,' and will be regarded as equals to banks.

The bill addresses crowdfunding and designates the Bank of Mexico as the the final arbiter of which cryptocurrencies will be allowed on the country's exchanges.

The legislation follows warnings from Mexico's central bank in late 2017 that Bitcoin is a risky investment and clients should be cautious of scam ICOs.The legislation was drafted in general terms and it is expected that regulators like National Banks and Securities Commission, the central bank and financial authorities will add specific provisions for companies dealing in the industry.

ChileTwo cryptocurrency exchanges requested the Chilean Association of Banks to clarify regulations after the firms' corporate accounts were rejected by multiple banks in the country.

Chilean banks have been closing similar accounts "Out of fear or lack of information" on cryptocurrencies.

A banking executive noted the closures were not out of bias toward cryptocurrency, but reflect a wider banking policy to deny services to accounts that don't meet the banks financial expectations.

The first and the second volumes of our Banks and Crypto Evaluation were about Asia and Europe respectively.