FV Bank: Puerto Rico Bank with IFE License and Digital Asset Custody

Partner, Corporate & Commercial

Concept

FV Bank occupies a unique position among regulated crypto-focused banks: it is a US-licensed depository institution under Puerto Rico's International Financial Entity (IFE) regime, with its own digital asset custody infrastructure, direct access to Fedwire (US Federal Reserve clearing system), and Visa card programs. This is not an offshore bank in the Caribbean sense—Puerto Rico is a US territory, and the IFE regime operates under the Office of the Commissioner of Financial Institutions (OCIF) with license IFE-063 for FV Bank International Inc. Founded in 2018, it specializes in fintech companies, marketplaces, and firms with digital assets.

FV Bank's key positioning is as the first US-regulated depository bank with vertically integrated custody infrastructure inside the bank. The timeline for onboarding new assets and rails tracks industry development: BTC custody launched in November 2022, USDC was connected at the same time (with instant conversion to USD on deposit), then Ethereum was added, USDT in 2024, PYUSD (PayPal USD) in 2025. Cross-border FX service for crypto companies launched in January 2023, SWIFT for international payments in March 2025. A rare combination—a bank that doesn't just accept crypto through a third-party custodian, but is itself a custodian with a banking license and direct access to the Federal Reserve.

🍓 FV Bank is a working channel for fintech/crypto businesses needing USD banking through a regulated US-territory institution: marketplaces with cross-border USD flow, OTC desks with compliance infrastructure, holding structures with digital assets under regulated custody. Not FDIC-insured (PR IFE regime is outside the federal scheme), not a universal retail bank. For UHNW clients without digital-asset needs—a Swiss private bank is more convenient.

Use Cases for FV Bank

Dollar banking through a regulated institution on US territory. Fintech or crypto business needing dollar settlements directly through the Federal Reserve, not through a chain of correspondents in EU/HK. Direct Fedwire access is a rare combination for a small crypto-focused bank; competing custody providers typically use a partner bank for dollar settlements.

Digital asset custody under US regulatory regime. Holding BTC, ETH, USDC, USDT on a bank statement, with the bank as custodian—a compromise between exchange custody (Coinbase, Binance) and self-custody (Ledger). More convenient for corporate clients whose investors or counterparties need a verifiable trail through a regulated custodian.

Fiat ↔ crypto on/off-ramp within the banking circuit. Conversion of USD deposits to BTC or USDT occurs on the FV Bank account without withdrawal to an external exchange. This is critical for compliance documentation at the client's receiving banks—the operation is reflected as a banking transaction, not as "withdrawal from an exchange."

API for embedded payments. FV Bank offers a banking API for integration with fintech products—payment infrastructure as a service, backing card programs through BIN, white-label crypto custody. Suitable for fintech startups building their product on top of a licensed banking circuit.

Visa cards. Corporate and personal Visa cards linked to dollar and crypto balances.

What FV Bank Provides Technically

• Multi-currency accounts: USD (primary), EUR, GBP—for corporate clients
• Direct Fedwire access—dollar settlements through the US Federal Reserve clearing system directly
• SWIFT for international transfers in USD/EUR/GBP (launched March 2025)
• Digital asset custody—BTC, ETH, USDC, USDT, PYUSD within the banking circuit, vertically integrated in-house infrastructure
• Conversion between fiat and digital assets without withdrawal to an external exchange—USDC is instantly converted to USD on deposit
• Visa cards for individuals and corporate clients—direct Visa integration for crypto debit and corporate cards
• Cross-border FX service for crypto companies—launched January 2023
• API for embedded payments and custody integration
• Compliance under FinCEN and OCIF regulations—BSA and AML at the same level as any US bank
• Audit & reporting—IFE regime requires stricter standards than typical Caribbean offshore

Regulatory Context

FV Bank is licensed by OCIF (Office of the Commissioner of Financial Institutions of Puerto Rico) under the Puerto Rico International Banking Center Act (Act 273-2012, formerly Act 52), license number IFE-063 issued to the legal entity FV Bank International Inc. IFE—International Financial Entity, Puerto Rico's regime for international banking services with tax incentives and a separate regulatory rubric. The main reason for registering in PR—OCIF is open to integrating blockchain and banking, plus a reduced corporate tax rate while maintaining access to federal institutions. Not to be confused with a classic US bank charter under FDIC.

Critical differences from a full US bank:

• No FDIC insurance for most IFE deposit products
• IFE does not serve US residents in retail mode (only international clients)
• Access to Fedwire and SWIFT through direct relationships with the Federal Reserve and correspondent banks
• Compliance under FinCEN (US Treasury) and OCIF
• Audit and reporting requirements stricter than typical Caribbean offshore banks

Permitted Beneficiary Jurisdictions

• Most countries worldwide with confirmed KYC (international clients)
• Not US residents for retail banking (IFE regime)
• Russia and Belarus—selectively, with residence permit from another country and non-sanctioned counterparties
• Sanctions-sensitive jurisdictions (Iran, Syria, North Korea, Cuba)—rejection

Russian Clients

⚠️ FV Bank is selective with Russian clients. Under FinCEN regulations and risk of secondary US sanctions—the standard is stricter than Caribbean offshore banks (EQI, Noda, Kingdom). Pre-screening through our associate is mandatory; high probability of rejection with a Russian passport, even with residence permit from another country.

Conditions (minimum required):

• Residence permit in EU/UK/UAE/SG as a mandatory condition
• Source of funds documented outside sanctions-sensitive operations
• Business model—fintech/crypto/digital assets, not general cross-border trading
• All counterparties—outside the OFAC SDN list

Alternatives: The Kingdom Bank (softer on Russian profiles), Nodabank, EQI Bank.

Who FV Bank Is Not Suitable For

• US residents for retail banking—IFE regime does not cover retail US.
• Non-banking UHNW client without digital-asset needs—for this, HK/SG/Swiss private banking is better.
• Bank reference letter for UK/EU operations—FV is not FCA/ECB-regulated, Western banks may not accept the reference.
• Large deposits without digital-asset logic—IFE structure and absence of FDIC make this less predictable than a classic US bank.
• Regular B2B trading without crypto component—cost and compliance don't pay off.
• Gambling, adult, weapons—prohibited.
• Shell companies without business—rejection.

Q/A

How does FV Bank differ from EQI Bank or The Kingdom Bank?

EQI/Kingdom are Caribbean offshore banks (Dominica), under FSU regulation, without US connection. FV Bank is a US-licensed depository in Puerto Rico, under OCIF + FinCEN, closer to the US regulatory perimeter with direct Fedwire access. This means stricter compliance requirements, but also more predictable USD railing.

What does "not FDIC-insured" mean?

FDIC (Federal Deposit Insurance Corporation) insures deposits in US banks up to $250,000 per depositor. Puerto Rico's IFE regime is outside the federal scheme—deposits at FV Bank are not covered by FDIC. For investment-grade capital preservation—a Swiss or Singapore private bank.

Which cryptocurrencies are supported?

BTC (launched first), ETH, USDC, USDT—in-house custody through a bank account.

Can an account be opened remotely?

Yes, FV Bank works with international clients through online onboarding. Pre-screening through our associate speeds up the process.

Do you open FV Bank for Russians?

Selectively—with residence permit from another country, non-sanctioned counterparties, and crypto/fintech business model. FinCEN compliance is stricter than Caribbean offshore.

What about CRS and FATCA?

FV Bank is a FATCA participant (as a US-territory institution) and CRS. Information about non-resident accounts is transmitted to the IRS and tax authorities of countries of residence.

What is the minimum deposit and what does FX cost?

The minimum depends on the account type (corporate, personal, custody-account) and is agreed individually. FX markup per tariff—0–2% depending on the currency accepted; separately charged is a one-time foreign deposit account enabling fee and a fixed fee for each incoming foreign deposit.

Can FV Bank be a primary banking relationship?

For fintech/crypto business—yes. For UHNW client without digital-asset focus—no, the main account is better kept at an FCA/MAS/FINMA-regulated bank.

Related Materials

• 🇨🇳 Dominica Banking License: Offshore Banking Regime and Real Use Cases
• EQIBank: Dominica Offshore Bank and OTC Operations in Banking Circuit
• Nodabank: Offshore Bank and Family Office Under Dominica Banking License Regime
• The Kingdom Bank: Dominica Offshore Bank and Digital Assets
• Neobanks: Rating and Review of Payment Providers
• OTC Settlements, USDT and Banking Control
• Personal Account Abroad

FAQ

How does FV Bank differ from EQI Bank or The Kingdom Bank?

EQI/Kingdom are Caribbean offshore banks (Dominica), under FSU regulation, without US connection. FV Bank is a US-licensed depository in Puerto Rico, under OCIF + FinCEN, closer to the US regulatory perimeter with direct Fedwire access. This means stricter compliance requirements, but also more predictable USD railing.

What does "not FDIC-insured" mean?

FDIC (Federal Deposit Insurance Corporation) insures deposits in US banks up to $250,000 per depositor. Puerto Rico's IFE regime is outside the federal scheme—deposits at FV Bank are not covered by FDIC. For investment-grade capital preservation—a Swiss or Singapore private bank.

Which cryptocurrencies are supported?

BTC (launched first), ETH, USDC, USDT—in-house custody through a bank account.

Can an account be opened remotely?

Yes, FV Bank works with international clients through online onboarding. Pre-screening through our associate speeds up the process.

Do you open FV Bank for Russians?

Selectively—with residence permit from another country, non-sanctioned counterparties, and crypto/fintech business model. FinCEN compliance is stricter than Caribbean offshore.

What about CRS and FATCA?

FV Bank is a FATCA participant (as a US-territory institution) and CRS. Information about non-resident accounts is transmitted to the IRS and tax authorities of countries of residence.

What is the minimum deposit and what does FX cost?

The minimum depends on the account type (corporate, personal, custody-account) and is agreed individually. FX markup per tariff—0–2% depending on the currency accepted; separately charged is a one-time foreign deposit account enabling fee and a fixed fee for each incoming foreign deposit.

Can FV Bank be a primary banking relationship?

For fintech/crypto business—yes. For UHNW client without digital-asset focus—no, the main account is better kept at an FCA/MAS/FINMA-regulated bank.