Puerto Rico’s Offshore Banks Get a Boost From Crypto Assets

Puerto Rico’s offshore banking sector is being pulled along by the crypto tides.

In December, FV Bank International was granted regulatory approval to handle deposits and transactions in Bitcoin, Ethereum and other digital currencies. Since then, some of Puerto Rico’s 52 existing international financial entities, or IFEs, have been circling the opportunity.

“Digital assets are a trending topic and a trending service” that IFEs are asking about, said Natalia Zequeira, Puerto Rico’s newly appointed commissioner for financial institutions.

Most IFEs operate as online banks aimed at niche clientele: Asian, African and Latin American nationals who need to do business ...