The Federal Deposit Insurance coverage Company (FDIC) eliminated the requirement for banks and monetary establishments to inform the regulator prematurely about deliberate crypto-related actions.
FDIC representatives repealed the requirement (FIL-16-2022) that mandated banks to tell the regulator earlier than participating in crypto-related operations. As a substitute, a brand new guideline was issued, permitting banks to conduct permissible digital asset actions and take part in crypto initiatives, together with the adoption of rising applied sciences, with out prior notification to the FDIC.
The regulator emphasizes that any crypto-related exercise should adjust to security and safety necessities, in addition to present legal guidelines and rules. Banks should think about a broad vary of dangers, together with market, liquidity, operational, and cybersecurity dangers, whereas making certain client safety and adherence to anti-money laundering insurance policies.
The FDIC will proceed collaborating with the President’s Working Group on Monetary Markets and different banking regulators. Further steering is anticipated quickly, together with new regulatory frameworks that may substitute interagency paperwork revealed in January and February 2023, additional defining banks’ engagement with cryptocurrencies.
Across the identical time, the Commodity Futures Buying and selling Fee (CFTC) introduced that digital asset derivatives can be handled equally to different derivatives, bringing better readability to crypto derivatives regulation within the U.S.
In current months, there was a surge in curiosity from cryptocurrency and FinTech corporations in acquiring banking licenses at each state and federal ranges, permitting them to function as regulated monetary establishments.
Сообщение U.S. Regulator Simplified Banks’ Crypto Actions появились сначала на CoinsPaid Media.