Crypto’s dependence on traditional rails
From the banking perspective, an institution may maintain a direct relationship with a VASP through the provision of direct banking services to an exchange. Banks can also be indirectly exposed to VASPs, as bank clients use their accounts to transfer funds via credit, debit, Automated Clearing House or other fiat-denominated mechanisms to fund crypto wallets.
As this bilateral relationship continues to mature, there’s an opportunity for both parties in establishing access to the banking system with proper controls and risk mitigation. Both banks and VASPs are vulnerable to the risks associated with crypto without the proper risk mitigation controls in place. They could face potential financial losses, reputational damage and even regulatory sanctions or the loss of operating licenses.
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