- Raiffeisen Bank, listed on the Vienna Stock Exchange, plans to offer cryptocurrency trading services to its customers by the end of January 2024.
- In an interview with Curt Chadha, it was confirmed that the service would initially be offered to customers in Vienna, where approximately a quarter of Austria’s population resides.
- The International Organization of Securities Commissions (IOSCO) announced long-awaited policy proposals for regulating Crypto and Digital Asset (CDA) markets.
Raiffeisen Bank listed on the Vienna Stock Exchange is gearing up to launch Bitcoin trading services!
Raiffeisen Bank Prepares for Bitcoin Services
Raiffeisen Bank, listed on the Vienna Stock Exchange, plans to offer cryptocurrency trading services to its customers by the end of January 2024. This new development will be realized through a partnership with a cryptocurrency exchange and will be particularly targeted at customers in Vienna. It is known that Bitpanda signed a letter of intent with Raiffeisen Bank earlier this year.
In an interview with Curt Chadha, the Chief Innovation Officer of the bank, it was confirmed that the service would be initially offered to customers in Vienna, where approximately a quarter of Austria’s population resides. The bank’s application for crypto trading will be designed to be user-friendly, similar to how traditional bank transfers are done.
Chadha also emphasized that, unlike other banks that generally focus on wealthy customers, the offering targets customers familiar with technology and those looking to make small investments.
The financial and innovative moves of traditional institutions like Raiffeisen Bank, particularly in regions where clarity in crypto regulations is emerging, highlight the increasing interest and adoption of digital asset services.
Regulatory Framework in Europe
Europe is one of the regions putting effort and resources into providing a robust regulatory framework for regulating cryptocurrencies, and this will support Raiffeisen Bank. Earlier this year, the European Council announced the legal framework called “Markets in Crypto Assets” (MiCA), the first comprehensive legal framework for regulating cryptocurrencies.
Similarly, the International Organization of Securities Commissions (IOSCO) announced long-awaited policy proposals for regulating Crypto and Digital Asset (CDA) markets. The framework addresses investor protection and market integrity risks. Canada has taken a similar step by seeking feedback on reporting rules for crypto exposure from banks.
In conclusion, with crypto markets being in a situation where customer protection is ensured and highly regulated in many regions, it is inevitable for more traditional institutions like Raiffeisen Bank to take steps towards the crypto ecosystem.
