As more individuals switch to digital currencies, the market dominated by Wall Street corporations begin to exploit the relative lack of regional regulations that separated the two finance sectors.
Wall Street banks have been exploring this fledgling industry since last year, with record year-end volumes in December 2019. At this time, the market was still extremely unexplored, and banks were able to circumvent the need for oversight and permission. Examples include Société Générale Bank obtaining a cryptocurrency license in Quebec in September 2018, who performed $3.6 billion worth of cryptocurrency transactions by early 2020 (Colatco, 2020). United American Funds sold $1.2 billion securities through Merxia Digital Assets as part of a nationwide custody business expansion. The Paris-based Saxelo Bank has also announced a partnership with powerhouse crypto exchange Switzerland-based BitGo to provide digital asset transfers through the bank’s accounts.
As more banks become transparent regarding their involvement in cryptocurrencies, it will be interesting to see how this market shares its regulations with traditional finance as cryptocurrency start taking a firmer foothold within industries. In some instances, requiring utility bill payments through cryptocurrencies has further exacerbated the concerns of cryptocurrency regulation by low-income households. As cryptocurrencies enter mainstream use cases such as VPN’s or Private Tumblers while avoiding government regulation simultaneously opens doors of opportunities and opportunities for exploitation as well
The emergence of this local phenomenon has ignited speculations about how globalization will affect tax policies surrounding such transactions. Multinational corporations began to chase after their own Master Accounts resulting in large volumes being transferred internationally ultimately being treated like FATCA would treat a foreign shell company
In conclusion, Wall Street banking sectors’ recent involvement is indicative of significant potential that is balanced with risks which will require regulations to mitigate any trouble that may arise from integrating traditional finance with cryptocurrencies within their respective jurisdictions
Due to this partnership between traditional finance and cryptocurrencies; it provides insights into new potential methods of investment and forms another dimension in financial markets
In conclusion, the continued growth of cryptocurrencies offers new possibilities for investment and financial innovation around the world
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