US banking supervisors publish an explanation of crypto “custody”, do not urge new guidelines
The Federal Reserve and other US bank supervisory authorities gave a further statement On Monday for the proper handling of crypto-assets and outlined the suitable guidelines that banks must comply with in the “custody” of the digital assets of their customers.
The Fed, the Federal Deposit Insurance Corp. And the Office of the Compotroller of the Currency sent made clear that these recent considerations do not represent a new political advance.
The trio of the authorities made it clear that the proper custody of such assets is to “control the cryptographic keys associated with the crypto-asset in a way that corresponds to the applicable laws and regulations.”
Apart from the administration of cryptographic keys, the seven -sided memo also included some of the requirements for money laundering rollers, monitoring risk management, software skills and exams.
“This explanation explains how existing laws, provisions and risk management principles apply to this activity and does not create new regulatory expectations,” said the authorities.
The US banking supervisors had an eventful relationship with the area of digital assets after issued by President Joe Biden's prior government that made it difficult for bankers to do business with crypto companies without any problems. But have the regulatory authorities under President Donald Trump Returned this forecast.
The latest assessments of the authorities appear at the beginning of the crypto Week of the US representative house, which are called described by the MPs, in which the legislators expected to approve several crypto laws to establish formal US regulations for digital assets.
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