Banks are slow to embrace crypto and blockchain

Author: Jimmie Franklin | Published: 24 Feb 2020

Blockchain and crypto asset companies in Europe are benefiting from an increasingly friendly regulatory environment, but traditional financial services firms have been slow to embrace the new technology.

Last year legislators in France implemented the Plan d’Action pour la Croissance et la Transformation des Entreprises (PACTE law), which provides for a new optional visa regime for initial coin offerings (ICOs). Regardless of increased interest in the new framework, market participants have told IFLR that the majority of conventional financial institutions are not yet onboard with blockchain or crypto innovation.

"For bankers, it is very hard to let the competition in – but now they must. At the moment, my sense is that these entities do not want to hear about blockchain and cryptocurrencies," said Remy Ozcan, chief executive officer at Tozex, a crypto asset financing platform and co-founder of consultancy firm, Crypto4All. He said that in his experience, financial...