Fed completes reporting obligations for crypto activities
In a significant political U-turn, the US Federal Reserve announced on Thursday that it would no longer oblige state-approved member banks to notify the central bank before the start of activities in the field of crypto-assets.
So far, banks have had to report their plans for trading digital assets in advance. The FED now explains that it will simply monitor these activities as part of its usual supervisory activity, which eliminates an important regulatory hurdle.
Supervision of dollar tokens and stable coins also withdrawn
In parallel to this step, the FED also has its guideline planned for 2023 liftedaccording to which banks had to obtain a formal objection certificate before the provision of services in connection with dollar -proof tokens or stable coins. Removing gives banks more flexibility to experiment with digital dollar services, a growing sector that has been subjected to strict control in recent years.
In coordination with the FDIC and OCC, the Fed also withdraw two joint explanations from 2023, in which banks were warned of risks related to cryptocurrencies. The authorities explain that these changes reflect the changing market conditions and a new commitment to promote innovations. However, the FED reserves the right to issue updated regulations in the future, emphasized that the current measures aim to create a more adaptable and innovation -friendly banking – especially in the area of digital assets.
