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US banks must obtain regulatory approval for certain cryptocurrencies



(Reuters) – US banks must seek and obtain written permission from their banking supervisors before engaging in certain activities involving cryptocurrency, a major regulator said on Tuesday.

Office of the Currency Controller be able to demonstrate that they have appropriate risk management tools before commencing activities such as providing storage services for customers' crypto holdings.

“As many of these technologies and products pose new risks, banks must be able to demonstrate that they have appropriate risk management systems in a secure way, "said Acting Superintendent Michael Hsu in a statement. certain crypto work.

In accordance with the new interpretation the letter, banks may not engage in more than SEK. ypto-related activities, such as providing storage of crypto-assets and using dollar deposits and reserves to back up "stablecoins", without first notifying their banking supervisors of their intention to engage in such activities.

The supervisory authorities will then review the bank's risk management. tools and systems and allows activity only if banks demonstrate that they can do so in a safe and sound manner.

A separate joint statement from the Federal Reserve, Federal Deposit Insurance Corporation and OCC issued on Tuesday said banking regulators intend to clarify in 2022 the role that traditional banks can legally play in the cryptocurrency market.

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