At a time when the financial sector is undergoing a profound digital transformation on a global scale, Andorra is emerging as a favorable environment for innovation. Its small size allows for an agile and adaptable banking structure, while its flexible regulatory framework and advanced financial system facilitate the adoption of new technologies without losing sight of regulatory compliance.
In this context, Creand (Crèdit Andorrà) has taken a significant step forward with the launch of CryptoWallet, a pioneering cryptoasset buying, selling, and custody service developed in collaboration with Onyze.
Fully integrated into its online banking platform and powered by Onyze Custodial Connect technology, this new service allows clients to operate with cryptoassets in a simple, secure, and fully digital way. With CryptoWallet, Creand strengthens its commitment to innovation by delivering an experience tailored to the needs of today’s investor and the demands of the evolving financial landscape.
To fully understand the impact of this initiative, it is important to look beyond the product itself and examine the legal framework that has enabled its development in Andorra, as well as the key role played by partners like Onyze in making it a reality.
Regulatory framework in Andorra
In Andorra, the regulation of digital assets and blockchain technology is primarily governed by Law 24/2022, of June 30, known as the “Law on the Digital Representation of Assets through Cryptography and Distributed Ledger and Blockchain Technology.” This legislation provides a legal framework for the issuance, custody, and management of digital assets, as well as for activities using distributed ledger technologies (DLT) and blockchain.
Additionally, Andorra has adapted its anti-money laundering and counter-terrorist financing regulations to include digital asset service providers. Since January 2022, with the enforcement of Law 37/2021, of December 16, these providers are required to implement due diligence measures, including the identification of clients and beneficiaries involved in digital asset transactions of €1.000 or more.
Although Andorra is not an EU member, it closely follows European crypto regulations. The MiCA (Markets in Crypto-Assets Regulation), which took effect in December 2024, sets a regulatory framework for the issuance and provision of crypto-asset services within the EU. While MiCA is a European regulation, its influence extends to countries like Andorra that seek alignment with EU standards to foster financial integration and cooperation.
Onyze as a catalyst for banking modernization
Onyze is a next-generation digital asset custodian redefining how digital assets are safeguarded. Unlike traditional custodians that focus solely on secure storage, Onyze offers an end-to-end infrastructure that allows financial institutions like Creand to develop digital asset services efficiently and securely. Its technology enables the management of institutional wallets, ramp-on/ramp-off solutions, and infrastructure for digital asset issuance projects, though it does not directly handle tokenization, which requires specific licenses.
With this technical support, Creand can build a commercial offering around digital assets backed by robust, specialized technology. Onyze operates within a regulated environment, complying with European standards such as MiCA, ensuring high levels of security, transparency, and reliability for institutional clients.
To learn more about Onyze and its solutions, check out our article detailing its role in transforming digital asset custody.
Business model for Creand
Onyze provides the essential infrastructure for Creand to securely and comprehensively offer digital asset access to clients. Its capabilities include:
- Buy, sell, and securely store digital assets: Creand clients can acquire and custody digital assets with top-tier protection.
- Tech support for tokenization projects: Onyze supplies the required infrastructure (custody, wallet management, ramp-on/off, etc.) to support digital asset issuance initiatives, though it does not conduct tokenization itself.
- Operations in a regulated, secure environment: Creand integrates digital assets using technology aligned with European compliance standards, without compromising security or transparency.
- Integration with DLT/blockchain solutions: Onyze’s platform bridges traditional banking and decentralized technologies effectively.
Regarding the Registry Entity and Information Registry (ERIR), it is a service currently operating in Spain that enables tokenized asset transactions to be accessible for global investors. Although not yet applicable in Andorra, Creand, through its Spanish subsidiary, is exploring its adoption as part of its digital asset innovation strategy.
Benefits for Creand clients
Thanks to Onyze, Creand clients can operate in digital assets within a secure and controlled environment, eliminating the risks tied to centralized exchanges. Key advantages include:
- Access to cryptocurrencies, stablecoins, and other digital assets: Clients can buy, sell, and store digital assets securely.
- Advanced custody infrastructure: Onyze provides the technology for secure institutional wallet management.
- Compliance and traceability: Digital assets are handled under a clear and demanding regulatory framework, ensuring transparency and investor protection.
- Independence from centralized exchanges: Counterparty risks are reduced thanks to a bank-backed solution using Onyze technology and Creand’s operational framework.
Onyze and Creand: a strategic alliance for the financial future
The partnership between Onyze and Creand marks a turning point in the modernization of Andorra’s banking sector. Thanks to Onyze’s advanced infrastructure, Creand can offer a secure way to engage with a wide range of digital assets, including cryptocurrencies, stablecoins, and other emerging assets.
By combining Creand’s financial management expertise with Onyze’s digital asset custody technology, this collaboration keeps Andorran banking at the forefront of financial innovation. With a focus on security, regulatory adaptability, and accessibility, this initiative positions Andorra as a favorable environment for responsibly integrating digital assets into traditional banking.
Resources:
[1] Onyze – Creand Crèdit Andorrà lanza servicio de criptoactivos a través de ONYZE
[2] Creand – Los activos digitales en tu banca online
[3] Block&Capital – Onyze: The next generation in digital asset management and custody
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