From 2025, entrepreneurs in the crypto industry could gain the legal right to set up a bank account. This is what is envisaged in the draft amendment on payment transactions recently finalised by a group of MPs led by Marek Novák (ANO) and Jiří Havránek (ODS). Havránek said this at today’s seminar in the Chamber of Deputies.
Cryptocurrency firms must look for alternatives for now
Currently, most domestic banks do not allow cryptocurrency companies to open accounts due to security concerns, such as money laundering. Because of this, these companies, such as money changers, exchanges or merchants, often turn to non-bank institutions that are licensed to provide payment services, such as credit unions.
According to Havranek, the situation on the market forced him to write the amendment. “We’d rather not have to do that. If a large bank were to emerge within the market environment and start providing accounts,” he added.
Adaptation of the MiCA Regulation
According to Havranek, the amendment to the Payment Transactions Act should enter into force at the same time as the adaptation of the European MiCA regulation, which introduces cryptocurrency regulation into the Czech environment. Among other things, it sets standards for market participants, focuses on consumer protection, financial stability and innovation. The regulation also streamlines licensing, supervision of stablecoins and introduces anti-money laundering measures.
According to an analysis by Bit.plus, more than CZK 3.8 billion worth of cryptocurrencies were traded in the Czech Republic last year, which is a tenth more than in the previous year.
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