The US Federal Reserve (FED), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have released a joint statement on the regulation of cryptocurrencies in the United States by 2022. The statement summarizes the work done so far and provides a roadmap for the future. The main objective of the statement is to promote safety and soundness in activities related to cryptocurrencies. Likewise, the OCC also announced that it will require banks to request its approval to operate with cryptocurrencies.
US Regulation Currencies
The US has taken another step toward regulating cryptocurrencies with the launch of the roadmap for 2022. In its release They recognize that the crypto asset sector presents potential opportunities, but with risks for banking organizations and the financial system in general, which need to be controlled. In fact, one of the first steps is to identify the key risks. They also consider it important to develop a common vocabulary, using consistent terms regarding the use of crypto assets by banking organizations.
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Roadmap for 2022
In the statement they commit to the agencies providing greater clarity on whether certain activities related to crypto assets are legal or not, throughout 2022. Especially, the activities carried out by banking organizations: crypto asset custody services, loans guaranteed by cryptocurrencies. . Issuance and distribution of stablecoins or holding cryptocurrencies on balance sheet. They also ensure that the agencies will continue to monitor the developments of crypto assets. They are also committed to addressing other issues as the market evolves.
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La OCC y Bitcoin
On the other hand, the Office of the Comptroller of the Currency of the United States (OCC) has published a paper in which it confirms that national banks and federal savings banks must demonstrate that they have adequate controls to participate in certain activities related to cryptocurrencies and stablecoins.
The letter provides a roadmap for banks to engage with their supervisory office to provide notification of cryptocurrency activities they want to undertake. The letter describes the criteria that OCC will follow in evaluating the proposed activity.