Crypto & Qonto: What Businesses Need to Know in 2023

Understanding Qonto and Cryptocurrency Integration

As digital finance evolves, businesses increasingly explore crypto solutions alongside traditional banking. Qonto, Europe’s leading business finance platform, offers streamlined banking for SMEs but doesn’t directly support cryptocurrency transactions. This guide examines how crypto interacts with Qonto accounts, alternative solutions, and future possibilities for integration.

Does Qonto Support Cryptocurrency Transactions?

Currently, Qonto does not enable direct cryptocurrency purchases, sales, or storage within its platform. As a regulated financial institution focused on business banking, Qonto prioritizes:

• Compliance with EU financial regulations
• Traditional fiat currency operations (EUR/GBP)
• Core services like IBAN accounts, cards, and bookkeeping

Businesses cannot buy Bitcoin or other cryptocurrencies directly through Qonto. Transactions involving crypto exchanges may appear in statements as standard transfers.

How Businesses Can Manage Crypto Alongside Qonto

While Qonto doesn’t handle crypto directly, companies can still leverage digital assets by:

1. Using Dedicated Crypto Exchanges: Platforms like Coinbase Business or Kraken for buying/selling
2. Transferring Funds Between Accounts: Move EUR/GBP from Qonto to exchanges via SEPA transfers
3. Tracking Transactions: Use Qonto’s accounting tools to log crypto-related cash flows
4. Third-Party Integrations: Connect accounting software (e.g., QuickBooks) to sync data

Top 3 Crypto Solutions Compatible with Qonto

Businesses needing crypto services can consider these Qonto-friendly alternatives:

• Coinbase Commerce: Accept crypto payments globally; settle fiat to Qonto
• Binance Business: Trade 350+ coins; low-fee EUR withdrawals to Qonto
• BitPay Wallet: Convert crypto to EUR instantly; deposit to business accounts

Regulatory Considerations for Crypto and Banking

Qonto’s absence from crypto stems from strict EU financial regulations including:

• 5AMLD/6AMLD anti-money laundering directives
• MiCA (Markets in Crypto-Assets) framework implementation
• KYC requirements for virtual asset service providers

Businesses must maintain clear records of crypto-fiat conversions for tax and compliance purposes when using Qonto.

Future Outlook: Will Qonto Embrace Crypto?

While no official crypto features exist today, potential developments include:

• Partnerships with regulated crypto custodians
• Blockchain-based payment solutions
• Enhanced tracking for crypto transactions

Qonto’s API-first approach could eventually support third-party crypto integrations as regulations evolve.

FAQ: Crypto and Qonto

Q: Can I buy Bitcoin with my Qonto account?
A: No. Qonto doesn’t support direct cryptocurrency purchases. Transfer funds to a crypto exchange instead.

Q: Will crypto transactions appear in Qonto?
A: Only as fiat transfers to/from exchanges. Crypto movements aren’t displayed.

Q: Is Qonto planning crypto wallets?
A: No public announcements exist, but industry trends suggest future exploration.

Q: How do I report crypto taxes with Qonto?
A: Use transaction exports from exchanges alongside Qonto’s accounting features for fiat reconciliation.

Strategic Approach for Crypto-Ready Businesses

Until Qonto integrates native crypto support, businesses should:

1. Maintain separate exchange accounts for digital assets
2. Use Qonto for fiat management and accounting
3. Implement tools like CoinTracker for tax compliance
4. Monitor Qonto’s product updates for crypto-related features

By combining Qonto’s efficient banking with specialized crypto services, businesses can navigate both worlds while awaiting potential convergence.