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What impact will the failed Santander appeal have on other crypto exchanges?


Lillian McKenna

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The fact that Banco Santander SA (BME:SAN) lost its appeal against the ruling in favor of Mercado Bitcoin, a Brazilian crypto exchange, says a lot about the overall acceptance of digital assets by authorities in certain countries.

Most crypto investors and entrepreneurs are hoping that other banks will take note of the ruling and be more accommodative of crypto exchanges and other firms dealing with digital assets that still need traditional banking services.

However, I believe the road ahead is still full of challenges given that many countries do not have comprehensive laws that regulate digital assets, which leaves crypto companies at the mercy of banks and other institutions.

The only way to prevent similar account closures by banks is for global and national authorities to draft laws that stipulate the role of digital assets and exchanges that facilitate crypto transactions in the global financial system.

This is yet to happen, but there is slow progress in the right direction given that G20 leaders recently asked global regulators to create a comprehensive framework for the regulation of blockchain assets and exchanges.

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