The Bank of America (BoA) has filed for a patent to offer a crypto custody system to store cryptocurrency on behalf of institutions. The efforts by many major institutions to offer products around cryptocurrencies can be seen to aid adoption in the US and around the world. As more products are created around Bitcoin, further regulation is required to offer these to clients and institutions. This prompts more regulation and can lead to more financial products around Bitcoin. Regulations is needed for many institutions to buy Bitcoin securely.
The custody service is described as a vault system for the safe storage of digital assets. The system will allow BoA to provide a platform for finance sector clients who have possibly made a large bitcoin purchase, to allocate the large amounts of crypto without the concerns of security and regulation. The primary function of the crypto vault is to allow institutions and enterprises to safely store large volumes of cryptocurrencies whilst still being able to transact daily.
The introduction of institutional products around crypto is a step towards the improvement of the Infrastructure needed for over-the-counter (OTC) and institutional services. Institutions are more willing to buy crypto through existing custodian solutions and creating a means for this is sure to draw in new capital.
A huge number of investors are anticipating the debut of the first Bitcoin Exchange Traded Fund (ETF). The introduction of a Bitcoin ETF could induce a bull run of crypto buying. The hope is that custodian services and other financial products for Bitcoin will prompt the requirements needed for the emergence of a Bitcoin ETF.
As more and more financial products enter the market, we could potentially see more interest in buying and selling Bitcoin.
To make sure you’re informed on the most recent events in crypto or to just buy Bitcoin, be sure to head over to BC Bitcoin.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards