The Fed has no plans to make it easier for banks to get involved in trading digital assets. In a letter sent on Tuesday, the board warns all banks will have to notify about their crypto activity before starting.
The United States Federal Reserve Board issued a letter Tuesday to its supervisory officers, staff and the banks they supervise regarding activities with crypto assets. The letter covers the preliminary steps a bank must go through before engaging in activities with crypto and instructs banks to notify the board before proceeding with those activities.to all banks supervised by the Fed with no threshold of minimum assets.
It went on to remind banks that they need to make adequate risk management preparations for activities with crypto assets. It also recommended checking state and federal laws on the legality of their plans and required filings, mentioning the Bank Holding Company Act, the Home Owners’ Loan Act,Portuguese banks shutting crypto accounts citing risk management concerns
The letter’s real call to action was the instruction that banks should notify their Fed supervisory contacts in advance of their planned activities with crypto. Banks that are already engaged in such activities should provide prompt retrospective notification so that they can receive feedback.a statement on crypto asset policy was provided last year after an interagency “policy sprint” with the Federal Deposit Insurance Corporation Office of the Comptroller of the Currency .
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Banks on Track to Receive Upgrade by New Federal Reserve Guidelines | CoinMarketCapThis could be the mass adoption of crypto that everyone is talking about... 👀
Read more »
UK Crypto Industry Welcomes New Stablecoin Rules, Awaits GuidanceA proposed bill could give U.K. regulators new powers over payments-focused crypto assets like stablecoins. Details on how the rules might be interpreted by financial watchdogs are pending. iamsandali camomileshumba report
Read more »
Federal Reserve governor pumps the brakes on US CBDC in favor of FedNowA governor at the Federal Reserve is pushing back on several areas of crypto industry speculation for the Fed's engagement with crypto.
Read more »
US Regulator 'Improperly' Pushing Banks to Avoid Serving Crypto Companies, Lawmaker SaysThe Federal Deposit Insurance Corporation (FDIC) may be leaning on banks to prevent them from providing services to cryptocurrency companies, U.S. Sen. Pat Toomey alleged Tuesday, citing whistleblower communications. nikhileshde reports.
Read more »
Two New Crypto Brokerages Launched in Brazil | CoinMarketCapBrazil's largest investment bank and one of the country's largest brokerages launch crypto trading platforms.
Read more »