COREDO > Bank Account for Individuals > Opening a Bank Account for Cryptocurrency Companies

Opening a Bank Account for Cryptocurrency Companies

Opening a bank account for a cryptocurrency company remains one of the most challenging tasks in corporate finance. Banks impose heightened requirements on companies dealing with digital assets, driven by the specifics of the regulatory landscape and the risks associated with the cryptocurrency industry. The COREDO team has been supporting cryptocurrency companies through the account opening process since 2016, providing professional document preparation and liaison with banks and payment institutions.

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Cost of the service
from 3 500 EUR

Why It Is Difficult for Cryptocurrency Companies to Open a Bank Account

The cryptocurrency industry is under close scrutiny from financial regulators worldwide. Banks and payment institutions view companies dealing with digital assets as high-risk clients. This results in Enhanced Due Diligence (EDD) procedures, additional documentation requests, and longer application review timelines.

The main reasons for difficulties when opening an account include the need to confirm a company’s licensing status, high AML/CFT compliance standards, requirements for transparency regarding the source of funds and beneficial ownership structure, as well as restrictions that certain banks impose on crypto-asset operations.

Regulation of the cryptocurrency market in the European Union has entered a qualitatively new phase with the full implementation of the MiCA regulation (Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114). Since 30 December 2024, MiCA provisions regarding crypto-asset service providers (CASP) have been fully applicable, and companies operating under national regimes are required to obtain MiCA authorisation by 1 July 2026.

Which Cryptocurrency Companies Can Open an Account

COREDO assists in opening accounts for companies with various profiles related to cryptocurrency activities. These include cryptocurrency exchanges and trading platforms, custodial services for digital asset storage, companies providing advisory services on crypto-assets, payment solution providers using cryptocurrencies, as well as token issuers (ARTs and EMTs under MiCA classification).

Regardless of the specific type of activity, the key factor for successfully opening an account is holding a CASP licence or registration in the relevant jurisdiction. Banks are considerably more willing to work with companies that have a confirmed regulatory status.

Available Jurisdictions

COREDO opens bank accounts for cryptocurrency companies in a number of jurisdictions, each with its own regulatory characteristics.

Jurisdiction	Regulator	Features
Switzerland	FINMA (finma.ch)	Developed infrastructure for crypto companies, high level of bank trust
United Kingdom	FCA (fca.org.uk)	Major fintech hub, registration of crypto-asset companies through the FCA
Singapore	MAS (mas.gov.sg)	Licensing under the Payment Services Act, access to Asian markets
Luxembourg	CSSF (cssf.lu)	One of the leading EU financial centres, support for institutional clients
Czech Republic	ČNB (cnb.cz)	COREDO’s jurisdiction of registration, direct interaction with local banks
UAE	VARA (vara.ae)	Specialised regulatory regime for virtual assets
Austria	FMA (fma.gv.at)	Early adopter of MiCA implementation, active crypto ecosystem

The choice of jurisdiction depends on the company’s licence type, target markets, and operational needs. COREDO specialists help determine the optimal jurisdiction based on the specifics of the client’s business.

Document Requirements

Opening a bank account for a cryptocurrency company requires preparing a comprehensive package of documents. The standard set includes:

incorporation documents (articles of association, certificate of registration);

confirmation of regulatory status (CASP licence, VASP registration, or an equivalent document);

a business plan describing the operating model and target markets;

internal AML/KYC policies and risk management procedures;

identification documents of directors and beneficial owners (passports, proof of address);

financial statements or projections for new companies;

a description of IT infrastructure and cybersecurity measures;

information on the company’s source of funds.

Banks may request additional documents depending on the jurisdiction and the nature of activities. As part of Customer Due Diligence (CDD) procedures, cryptocurrency companies undergo enhanced verification, including analysis of transaction history and AML compliance checks.

Account Opening Process

The process of opening a bank account for a cryptocurrency company with COREDO involves several sequential stages.

Client Analysis (preliminary screening).

COREDO specialists conduct a detailed analysis of the client’s company: assessing the licensing status, corporate structure, business model, and compliance procedures. Based on this analysis, a strategy for selecting a bank or payment institution is formed.

01

Document preparation.

The COREDO team assists in preparing the complete document package in accordance with the selected bank’s requirements. This includes completing application forms, preparing cover letters, and structuring company information.

02

Application submission and communication with the bank.

COREDO submits the application on behalf of the client and manages all communication with the bank or payment institution, promptly responding to additional requests and providing necessary clarifications.

03

Online verification.

Directors and beneficial owners of the company undergo online verification (KYC) in accordance with the bank’s requirements.

04

Contract signing and access.

Once the application is approved, banking agreements are signed and the client receives access to the account.

05

The average timeframe for opening an account for cryptocurrency companies ranges from 4 to 12 weeks, depending on the jurisdiction and complexity of the corporate structure.

Service Fees

COREDO offers account opening for cryptocurrency companies in both banks and payment institutions. Cryptocurrency companies fall under the financial institutions category, for which a special tariff applies.

Tariff for Financial Institutions (PSP, EMI, Crypto)

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 500 + VAT
Stage 2 — Bank corporate account	EUR 5,000 + VAT
Stage 2 — Payment institution account	EUR 3,000 + VAT
Opening deposit	EUR 1,000

Total: from EUR 3,500 to EUR 5,500 + VAT (depending on the account type — bank or payment institution).

The fee includes completion of the preliminary approval procedure, filling in all required forms, consultations on corporate document preparation, and communication with the bank until the account is fully opened.

Regulatory Requirements for Cryptocurrency Companies

Cryptocurrency companies applying for a bank account must meet a number of regulatory requirements.

The MiCA regulation (Regulation (EU) 2023/1114) establishes minimum capital requirements for CASPs depending on the type of activity: EUR 50,000 for advisory services, EUR 125,000 for exchange operations and trading platform operators, and EUR 150,000 for custodial services. Prudential guarantees may be provided through own funds, an insurance policy, or a credit institution guarantee.

The new unified EU anti-money laundering regulation (AMLR, Regulation (EU) 2024/1624), entering into force on 1 July 2027, extends the same obligations that apply to banks and financial institutions to CASPs. The threshold for mandatory client identification will be EUR 1,000 for cryptocurrency transactions.

The European Anti-Money Laundering Authority (AMLA), based in Frankfurt and commencing operations in 2028, will have powers of direct supervision over the largest CASPs operating in the EU.

Advantages of Working with COREDO

COREDO has been operating in the legal and consulting services market since 2016 and possesses significant experience in supporting cryptocurrency companies. Key advantages include a deep understanding of regulatory requirements for the cryptocurrency industry across various jurisdictions, established partnerships with banks and payment institutions willing to serve crypto businesses, comprehensive support from preliminary analysis to account access, the possibility of remote account opening, and risk diversification through working with multiple banking partners in different jurisdictions.

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Our Experts

The bank account opening process for cryptocurrency companies is managed by experienced COREDO specialists.

Pavel Kos

Head of Legal. Has been with COREDO since 2017, heading the legal team since 2020. Specialises in corporate law, financial activity licensing, and support for opening bank accounts for companies with heightened regulatory profiles.

Daniil Saprykin

Head of Customer Success. Ensures coordination of the process at all stages — from preliminary analysis to account access, maintaining prompt communication between the client and the financial institution.

Frequently Asked Questions

Can a cryptocurrency company without a licence open a bank account?

In theory this is possible; however, in practice banks are extremely reluctant to work with unlicensed cryptocurrency companies. Holding a CASP licence or VASP registration significantly increases the chances of application approval. From 1 July 2026, all CASPs operating in the EU are required to hold MiCA authorisation.

How long does it take to open an account for a cryptocurrency company?

Timeframes range from 4 to 12 weeks depending on the jurisdiction, type of financial institution, and complexity of the corporate structure. The Enhanced Due Diligence (EDD) procedure applied to cryptocurrency companies requires more time compared with standard corporate clients.

What is the difference between a bank account and a payment institution account?

A bank account provides the full range of banking services, including SEPA and SWIFT transfers, deposit products, and trade finance. A payment institution account is focused on processing payments and transfers, while client funds are protected by segregation requirements and held separately from the institution’s own assets.

Can an account be opened remotely?

Yes, COREDO provides the option of remote account opening. Verification of directors and beneficial owners is conducted online. In-person attendance at the bank is generally not required.

Which jurisdictions are most favourable for cryptocurrency companies?

Among the most popular jurisdictions are Switzerland, the United Kingdom, Singapore, and a number of EU countries (Luxembourg, Czech Republic, Austria). The choice depends on the licence type, target markets, and the company’s operational needs. COREDO specialists will help determine the optimal option.

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If your cryptocurrency company needs a bank account or a payment institution account, COREDO specialists are ready to assist at every stage — from preliminary analysis to account access.