Key US banking regulator OCC gives green light to banks offering certain crypto services
The currency actor controller has given a green light so that the banks offer specific services related to cryptography.
Banks have received a major green light from a key American banking regulator. On Tuesday, April 22, the currency controller’s office clarified its position on cryptography services. More specifically, the interim controller of the currency Rodney Hood said that banks are authorized to engage in certain activities related to cryptography.
“Digital assets are firmly anchored in the landscape of financial services. Today, more than 50 million people have a cryptocurrency and hundreds of companies engage in cryptocurrency and require banking services ”, Rodney Hood, West
Hood pointed out that American banks are “well placed” to provide services to cryptographic companies, provided they operate in existing regulatory frameworks. As such, the OCC has confirmed that banks are legally authorized to provide specific services related to cryptography.
Banks must apply risk management for crypto: WOD
According to the OCC, banks can legally offer police custody, hold deposits as reserves for the floors and use blockchain and stablecoins for payments. However, the regulator has also noted that all applicable banking regulations linked to risk management are still applied.
“This action reduces the regulatory burden, encourages responsible innovation and allows banks to take advantage of new technologies and innovative ways to serve their customers”, Rodney Hood, West
The West declarations occur at a time when several banks are actively developing on the American cryptography market. April 21 reports suggested that Deutsche Bank and Standard Chartered actively seek means to extend their cryptographic operations in the United States
At the same time, large cryptographic companies are actively considering Obtaining banking licenses in the United States includes Bitgo, Circle, Coinbase and Paxos. The new push occurs after the election of Donald Trump has fundamentally changed the landscape of cryptography regulations in the United States
Until 2024, cryptographic companies underwent a disgusting crisis In the United States, in the United States, large banks were reluctant to provide services to industry entities, fearing regulatory risks.
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