After years of legal disputes and cross accusations, both sectors trace a new coexistence in the Chilean financial market.
The relationship between Buda.com and BCI "marks a new path" for cryptocurrencies in the country.
The conflict between exchanges and banks in Chile began in 2018.
Cryptocurrency exchange Buda.com has opened a checking account with Chile's Banco de Credito e Inversiones (BCI) and its peer CryptoMKT may do so soon, marking a milestone in a multi-year conflict. The dispute between both sectors began with the closure of all accounts to companies linked to bitcoin (BTC) and other crypto assets.
As announced by the company, Buda.com became the first exchange to open a current account in a banking institution after that episode that began in 2018. The Court of Free Competition (TDLC) had approved in September a settlement between the parties, which was the initial kick for this agreement, in which BCI undertook to offer its services to CryptoMKT as well.
the unilateral decisions of 10 banks (including the BCI) regarding the accounts of Buda and CryptoMKT and the reactions of these claiming in Justice. The exchanges alleged that the right to free competition was violated.
The bad relationship between banks and exchanges in Chile extended beyond that decision. In 2021, exchange houses accused a bank of defaming their activities and linking them to illicit operations.
For such reasons, the opening of an exchange bank account in a bank is an important fact in that country.
“This milestone marks a new path for the development of the crypto industry in Chile. Welcome BCI to the new financial industry”, was the message that Buda.com shared in its publication.
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The context for Bitcoin in Chile begins to change
The Chilean Chamber of Deputies approved the Fintech Law (or Financial Innovation Law) in September. In mid-October, it was reported that President Gabriel Boric already has the initiative in his power and could approve it in the coming months.
One of the issues that is legislated with this rule is that companies that operate with bitcoin are regulated by the Financial Market Commission (CMF) and the central bank. The latter will have special relevance in the field of use of cryptocurrencies, especially stablecoins, as a means of payment.
In this way, it seeks to favor the insertion of these new companies, which combine finance and technological tools, in the Chilean market. This will bring rights for exchanges and other startups linked to cryptocurrencies, but also regulatory obligations that they will have to comply with.