United States: Bank Branches Offer Roadmap on Cryptoassets Regulation
To print this article, simply register or connect to Mondaq.com.
The Federal Reserve, FDIC and OCC Free a roadmap to clarify the regulation of activities involving crypto-assets. The agencies based their roadmap on interagency cryptoassets ‘policy sprints’, which focused on (i) the development of a universal vocabulary regarding the use of cryptoassets by banks, (ii ) the identification and assessment of the main elements of security, consumer protection and compliance risks associated with the use of crypto-assets by banks, and (iii) the assessment of the applicability of regulations and guidelines in force.
In policy sprints, agency staff assessed (i) custody of crypto-assets, (ii) how banks facilitate crypto-asset sales and purchases, (iii) loans guaranteed by crypto-assets assets, (iv) payment activities, including those involving stablecoins and (v) activities that cause banks to hold crypto-assets on their balance sheets.
The agencies have said they intend to clarify regulations throughout 2022 on all of the aforementioned activities, in addition to ancillary child care. The agencies also plan to assess the application of bank capital and liquidity standards to the crypto-asset businesses of U.S. banks, including through continued engagement with the Basel Committee on Banking Supervision.
The announcement of the work being undertaken in agency crypto-sprints is generally well received by the industry. The announcement makes it clear that 2022 will see more clarity from federal banking agencies. As the crypto-asset industry continues to grow very rapidly, regulators will face increasing pressure to clarify what is allowed and what is not for banking organizations.
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
POPULAR ARTICLES ON: United States Finance and Banking