The Currency Observer Office (OCC) reduces its position on how American banks deal with encryption activities and nails.
In a new press release, the organizational agency He says The banks now have the green light to manage encryption assets, participate in some Stablecoin activities and participate in knots verification networks.
Moreover, OCC rid the condition that forced the institutions subject to its judicial authority to meet some requirements before they can engage in encryption activities.
A observer on behalf of Rodney’s currency says. Hood,
“OCC expects that banks will have the same powerful controls for risk management to support new bank activities as they do with traditional activities.
Today’s procedure will reduce the burden on banks to participate in encryption activities and ensure that these banking activities are constantly dealt with by OCC, regardless of basic technology. I will continue to work hard to ensure that the regulations are effective and not excessive, while maintaining a strong federal banking system. “
Under Biden, OCC sender A message that has been canceled since then, telling us banks that it must first be to erase activities related to encryption with the organizer before they can participate legally.
“This message shows that the processed activities are in [previous] Legally, it is allowed by law to correspondence, provided that the bank, in a manner that satisfies its supervisory office, is allowed to have control elements in place to conduct the activity in a safe and sound manner …
The bank should not participate in the activities until it receives a written notification that the supervisory office cannot be not possible. “
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