U.S. banks must seek regulatory permission before engaging in certain crypto activities – regulator
Information about U.S. banks must seek regulatory permission before engaging in certain crypto activities – regulator
Kevin David Scam or Legit
By Pete Schroeder
WASHINGTON (Reuters) – U.S. banks must seek and obtain written permission from their bank supervisors before engaging in certain activities involving cryptocurrency, a major regulator said on Tuesday.
The Office of the Comptroller of the Currency said banks must be able to demonstrate they have appropriate risk management tools before taking on activities like providing custody services for customers’ crypto holdings.
“Because many of these technologies and products present novel risks, banks must be able to demonstrate that they have appropriate risk management systems and controls in place to conduct them safely,” said acting Comptroller Michael Hsu in a statement.
The new stance from the regulator places a higher bar on banks considering some crypto activities, after the agency under former President Donald Trump cleared the way …