New Puerto Rican Crypto Bank, San Juan Mercantile Bank & Trust Intl (SJMBT), Opens For Business
Puerto Rican Cryptocurrency Bank Opens For Business
A bank that is dedicated to traders of cryptocurrency has now opened for business in Puerto Rico. The San Juan Mercantile Bank & Trust International (SJMBT) has recently announced to have received their first client's deposit.
SJMBT Has The Authorities Backing
Merely a month ago, SJMBT received its license of operational as an international financial entity (IFE) by Office of the commission of Financial Institutions (OCIF) in Puerto Rico. The bank is a unit of Mercantile Global Holdings (MGH) and is owned by the same entity that owns the San Juan Mercantile Exchange (SJMX).
SJMBT will become the first bank to launch a platform which is dedicated to crypto trading. According to reports, the bank has already received the first deposit and has commenced operations for the launch of a crypto trading platform.
Also, the bank will be offering custody as well as asset settlement services for both fiat and cryptocurrencies on the exchange.
Interestingly though, SJMBT is not insured by the US Federal Deposit Insurance Corp. (FDIC), but it's reported that the bank will place the client's deposits at correspondent bank rates. Also, the customer's coins will be held at “approved digital asset custodians.”
According to MGH, the platform will seriously take considerations of the customer balances on deposit at the bank whenever they are setting trading limits to enable the bank to settle trades in real time. Perhaps, it's one of the benefits which are attached to keeping custody as well as trading under one roof.
Crypto Investors Into Puerto Rico
A plethora of new billionaires of cryptocurrency are in search of the legal tax solutions which will keep the IRS from their newly acquired fortune, and new spots for settlement are becoming more necessary to settle.
Puerto Rico happens to be that tax haven for crypto investors, the reason being it's only in Rico that capital gains tax can be avoided on passive investments. For instance, any US citizen abroad so long in a hold of a US passport, they are taxed-Uncle Sam wants his cut.
However, Puerto Rico is the ONLY exception to the rule. Therefore, with a crypto bank opening in the region as well as the law, most crypto investors will inevitably flood in.
Top Notch Leadership
It's significant to point out that MGH's leadership comprises of accomplished financial veterans coming in with exceptional experience cutting across various top-ranking Wall Street Investment houses. Notably are J. Robert CollinsJr MGH bank and exchange founder, founder of the Dubai Mercantile Exchange as well as former president of the New York Mercantile Exchange (NYMEX). For now, SJMBT may just be one of the many crypto banks to open for business.