Crypto Exchanges of Chile to be Belligerent for the Bank

Banco del Estado de Chile declared that they would deny to service accounts of cryptocurrency exchanges, but decision is now appealed against
16 April 2018   788

Banco Estado is the only public bank of Chile. It is recognised as the safest bank in Latin America. Its recent report reflects upon a majority of solutions making in Latin America. Their solve on closing cryptocurrency exchange accounts reveals the trouble brewing for cryptocurrency around South America. Two other large banks, Itau Corpbanca and Bank of Nova Scotia have already restricted the accounts of the three crypto exchanges.

Banco Estado has decided not to interact with companies that issue or generate cryptocurrencies, that provide brokerage and intermediary services with cryptocurrencies, and do not serve as a platform for crypto exchange transactions.
Banco del Estado de Chile, public bank, Chile

Nevertheless, Buda, Orionx, and Cryptomkt are appealing against this resolution. 

We are going to sue the TDLC to all the banks that denied or hindered the opening of current accounts to these companies and to those who, having opened them, closed them. Here are the majority of the banks in the square.
Mario Bravo, lawyer, helping the crypto exchanges, Chile

Latin Crypto exchanges are picking up in demand of trading. Buda, for example, facilitates approximately USD 1 million worth of cryptocurrency every day. The decision of closing cryptocurrency accounts will end the industry, according to the point of view of Buda’s co-founder and CEO.

They’re killing an entire industry. It won’t be possible to buy and sell crypto in a safe business in Chile. We’ll have to go back five years and trade in person. It seems very arbitrary.  
Guillermo Torrealba, Buda’s co-founder and CEO, Chile

Orionx is also going against this decision by continuing suggesting trades for crypto to crypto pairings. On April 5th, Chile’s Financial Stability Council showed negative mood of cryptocurrency. The restrictions on cryptocurrency could have been at the request of the Chilean government. 

Xapo to Move from Hong Kong to Switzerland

According to Ted Rogers, Xapo president, Switzerland is the best place for crypto companies
23 January 2019   78

The well-known cryptocurrency company Xapo has decided to move the majority of units from Hong Kong to the Swiss “Cryptowalley”, BitcoinExchangeGuide reports.

The main structures of Xapo have worked in Hong Kong for several years. Nevertheless, the company is convinced that Switzerland has a more friendly legal infrastructure in relation to cryptocurrencies. This, Xapo believes, will enable the company to improve the quality of services and better comply with regulatory requirements.

It was one thought that Hong Kong was the holy grail of crypto regulations. But it has become more opaque. It’s a reality of this industry that you have to be agile and react to regulatory changes all the time. Swiss regulators are smart, interested and sophisticated in dealing with the financial markets. 

Ted Rogers

President, Xapo

Also, according to him, Switzerland is the best place to create cryptocurrency and blockchain companies.

Currently, Xapo has about 250 employees. At the same time, only 10 of them work in Zug.