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Crypto Banking Regulations: Navigating the Legal Landscape

ByDavid Adamson

Crypto Banking Regulations: Navigating the Legal Landscape

Traditional banks are shaken by the consistent upsurge in the interest of people over cryptocurrencies and their ability to free them from the conventional financial shackles brought upon by the current financial system. Longer wait times, high processing fees, inability to transfer money globally, and a flimsy security system are just part of the reasons why every banker in the past is now making the switch to cryptocurrencies.

Until now, even though in technicalities the Traditional Banking scene’s still pretty much going strong, no one can deny the power that cryptocurrencies are exerting over the financial scene, and this shows in the ever-growing number of adopters and switchers to the crypto world, seeing it as not only a prime way to earn money through investments and trading, but also as a an airtight security system to keep their money secure and safe from undesirable eventualities.

But how did this come to be? And what does the introduction of Crypto Banking, spearheaded by revolutionary enterprise Scallopx, imply in the grand scheme of financial things? Let’s dig deep and find out.

First off, we’ll have to take a trip down memory lane, and explore how people made the historical switch to crypto, up to the Introduction of Crypto Banking.

A Brief History of Crypto to Crypto Banking

Cryptocurrencies came to be thanks to the brilliant mind of the still unknown entity known only by his pseudonym “Satoshi Nakamoto”. He was the creator of the blockchain technology, which is the most powerful public distributed ledger known to man until now, and Bitcoin, one of the most important cryptocurrencies in the market even to this day.

The rise of crypto to fame and relevance is a decorated one at that, and if I were to talk about every single detail that led up to the creation of Crypto Banking we’d be talking about it all day. But the main gist of it all is that, bitcoin paved the way for more cryptocurrencies to be launched and be conceived, the industry grew bigger due to the public’s increasing needs for a secure and reliable payment/financial system that could also consistently give them money, and throughout that journey we came to the current cryptocurrency industry that we’re now enjoying.

Sometime around the 2020s however, brilliant minds from across the cryptocurrency-verse thought of creating a complete overhaul of the crypto system, one that would favor its financial benefits, while still providing the same amount of profitability to users if not more. This system was conceptualized through the incorporation of Traditional Bank disciplines, with the power of blockchain and decentralization brought about by Crypto. When things went great and the project was born, we got Scallop, the future of financial banking in both crypto and conventional banking models!

How to buy cryptos with a bank card

What Makes Crypto Banking Better?

Cryptocurrency Banking is a complete improvement to the traditional banking system that we came to know and love, providing indispensable and unique benefits you can’t find in conventional banks, and sometimes even cryptocurrency! First of its kind and championed by Scallopx, a flurry of benefits await every prospective user of the Crypto Bank technology.

Here’s some of them:

Regulated, Low Fee Banking

Cryptocurrency Bankings such as those offered by Scallop offer the lowest transaction and processing fees out of any other banking system in the world, thanks to fast-acting blockchain solutions that hasten the process of every monetary transaction, fees are lessened, wait times are diminished, and people are empowered to use their money whenever they need it!

Scallop Coin and DeFi Capabilities

Specifically offered by Scallop, the SCLP coin and its DeFi capabilities enable every crypto bank user to earn money passively through yield farming and staking mechanisms that are exclusively available to its holders! With these systems in place, users can easily put their money into work and make the most out of their bucks while it’s sitting securely and comfortably in a trusted banking system!

Global Reach

Since most crypto banks are powered by the blockchain technology, a decentralized public distributed ledger tool, users are able to manage their crypto banking experience anywhere in the world! Regardless of the time zones! This empowers users to utilize financial tools offered by Crypto Banks anywhere, and everywhere!

For Scallop users, they can open a GBP or IBAN account right in the app, streamlining the process of opening a bank account in a single click and a fast verification process!

Portability thanks to the Scallop App and Crypto Cards

Scallop offers the ever portable Scallop App, and a dedicated Crypto Card that you could fund with either fiat or crypto!

The inclusion of this feature in crypto bank systems like Scallop enables users from both systems to use both interchangeably and interoperably without compromise, speeding the process of payments, transfers, and transactions by a longshot, and inadvertently helping with the crypto adoption many of us are looking forward to!

Instant Conversions between Crypto and Fiat

Utilizing its very own financial tools, Scallop offers the fastest conversions of crypto to fiat and vice versa across the whole crypto industry!

Thanks to this feature, gone are the days of P2P conversions and long wait times just to convert your Crypto to Fiat for IRL payments, or Fiat to Crypto so you can get on investing immediately! With a single click, you can get to what you want to do, or get to where you want to be without any worries!

Safer and More Secure than Traditional Banking Systems

I don’t need to tell you about how Cryptocurrencies beat Traditional banks in security and anonymity by a large margin. The fact that you can send and receive money in a jiffy with just a specific string of letters and numbers, without the need for you to disclose personal identifiable information bodes well for people who want to remain off the grid, while still utilizing new-age tech and capabilities!

Licensed, Regulated, and Insured

First in the cryptocurrency world, Scallop offers services sanctioned by governments and authorities across Europe and other neighboring state-nations!

This is a massive update in the talks about regulating crypto, which until now is still a huge debate in the industry. By following strict protocols and providing freedom to users, Scallop sets itself as an industry-standard on how enterprises, crypto banking or not, should work! 

Wrap Up

By now, you should understand by heart how crypto banking came to be. Armed with this knowledge, I implore you to set out and try the difference of crypto banking for yourself by getting on Scallop’s revolutionary platform and using its features!

Crypto banking champion, a systematic financial system that combines the best traits of crypto and fiat, and an earning capability in a single platform? What else could you want from your bank? 

About the author

David Adamson administrator

David Adamson is the founder and digital strategy manager at Coin Ideology Digital. He develops techniques to boost traffic, sales, and brand awareness for startup agencies. He has specialization in Blockchain and digital marketing industry including SEO, PPC, SMO, influence marketing and consumer behavior analysis.

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