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Fed adds a new layer of bureaucracy for US banks engaging in crypto asset activities

Cryptocurrency Aug 17, 2022 06:20PM ET
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Fed adds a new layer of bureaucracy for US banks engaging in crypto asset activities

The United States Federal Reserve Board issued a letter Tuesday to its supervisory officers, staff and the banks they supervise regarding activities with crypto assets. The letter covers the preliminary steps a bank must go through before engaging in activities with crypto and instructs banks to notify the board before proceeding with those activities.

The letter, signed by the directors of the regulatory and community affairs divisions, applies to all banks supervised by the Fed with no threshold of minimum assets. It begins with a warning about the risks associated with crypto, specifically mentioning evolving technology and its governance, Anti-Money Laundering and transparency and the stability of assets such as stablecoin.

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Fed adds a new layer of bureaucracy for US banks engaging in crypto asset activities
 

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