Qonto bank now allows its clients to invest in cryptocurrencies

Qonto changes its mind on cryptos

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

“At Qonto, the use of cryptocurrency is possible, but 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 provided you go through a platform authorized in advance by Qonto.

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

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

“We are delighted at Coinhouse that Qonto, one of the finest French Fintechs, has changed its mind and now accepts that its clients invest in cryptocurrencies. This is the meaning of history and all banks will do the same. “

What about crypto companies?

Qonto’s change of position does not affect startups with cryptocurrency-related activities. 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 subject: France: Binance wants to obtain the status of PSAN “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 (NFTs).
All articles by Florent David.

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