New cryptobank receives license to operate in Puerto Rico
The San Juan Mercantile Bank & Trust International Corp (SJMBT) bank, focused on the cryptoactive trade, recently announced that it received the operating license from the financial authority of Puerto Rico.
With the approval of the Office of the Commission of Financial Institutions of Puerto Rico (OCIF), the SJMBT and the San Juan Mercantile Exchange (SJMX) can operate legally in the Puerto Rican territory, offering their services of purchase and sale of cryptoactives in a system regulated by local authorities. This approval was considered by the CEO of Mercantile Global Holdings, the parent company of SMJX and SJMBT, as a “key milestone” for the trade of cryptoactives in the region.
At the moment, neither the cryptocurrency trading platform nor the bank are functioning. However, the Mercantile Global Holdings website established that both platforms will offer electronic negotiation services and custody of fiat and cryptoactive funds. Both transactions must occur in accordance with the anti-money laundering (AML) parameters and know your client (KYC), as can be read in a press release published this March 12.
Still no more details are known about the cryptoactives to be included or what will be the security measures that the cryptobank and the cryptobolse will take for the storage and custody of cryptoactives.
This new financial institution joins the growing number of over-the-counter markets that aim to attract traditional investors to the cryptoecosystem, adapting the platforms to traditional standards.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.