The control and supervision bodies of the United States financial system today announced a list of tasks that they will complete next year, all related to the regulation of bitcoin (BTC) and other cryptocurrencies.
The Federal Reserve (Fed), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), in joint declaration, reported on a series of guidelines set for 2022. This with the main objective of “providing greater clarity on whether certain activities related to crypto assets, carried out by banking organizations, are legally permitted.”
The document details that after concluding a previous study on how banking agencies were approaching cryptocurrencies, Regulatory bodies considered that it was necessary to delve into several issues.
In that sense, they are now considering analyzing the current regulation used by banks that have integrated services with bitcoin and other cryptocurrencies. Also, they will study more closely how banks should properly maintain custody of cryptocurrencies.
In the same way, they will analyze what companies should do to help consumers carry out transactions with bitcoin or what capital and liquidity standards the loan services guaranteed in crypto assets should have.
OCC requires banks to request approval to trade bitcoin
Additionally, the OCC followed the launch of the roadmap with a new policy, by ordering the banks it regulates to They must request permits to be able to offer custody of cryptocurrencies. Likewise, they must have prior approval to retain the dollars deposited to back stablecoins and to handle cryptocurrency transactions.
Additionally, lenders will need to apply for a special permit and demonstrate that they have sufficient risk controls before they are approved by the OCC, according to a report de Bloomberg.
Regulatory bodies released their joint statement, days after Christopher Waller, a member of the Fed’s Board of Governors, criticize the Treasury Department’s stance on regulating stablecoins o stablecoins.
In your opinion, it is not positive that banks have priority in issuing these crypto assets, since competition in the sector favors efficiency and provides facilities to users, as reported by CriptoNoticias.
Previously, this media also reported that the US Treasury Department aligned itself with the guidelines of the Financial Action Task Force (FATF). He also promised «continue leading »efforts to regulate this type of cryptocurrency tied to an underlying asset, such as the US dollar. To do this, it published a document in which it asks Congress to regulate stablecoins, for example, prioritizing the mandatory identification of users (KYC) who operate with them.