Bci, a bank in Chile, announced that it had developed a protocol to allow cryptocurrency exchanges to open checking accounts with the institution. This marks a milestone for cryptocurrency exchanges in the country, which had been fighting for the right to use traditional banking services for years.
The protocol developed includes a series of requirements inspired by recommendations issued by the Financial Action Task Force (FATF), which include the fulfillment of compliance processes, traceability of transactions, prevention of money laundering, financing of terrorism, and audit reports from an outside company.