Abstract:U.S. banks are required to acquire written permission from their bank supervisors before engaging in certain activities that involve cryptocurrency, a key regulator stated on Tuesday.
U.S. banks are required to acquire written permission from their bank supervisors before engaging in certain activities that involve cryptocurrency, a key regulator stated on Tuesday.
The Office of the Comptroller of the Currency said banks must show that they possess appropriate risk management tools before getting involved in activities like providing custody services for clients crypto holdings.
In a statement, acting Comptroller Michael Hsu said that “Because many of these technologies and products present novel risks, banks must be able to demonstrate that they have appropriate risk management systems and controls in place to conduct them safely.”
The regulators new position raised the bar for banks considering certain crypto activities.
The new interpretive letter prohibits banks from engaging in several crypto-related activities, such as providing custody for crypto assets, without giving their bank supervisors prior notice of their intent to partake in such activities.
Supervisors will then assess the banks risk management tools and systems before deciding whether or not to allow the bank to proceed with the activity.
With around 30 forex currency pairs, precious metals, Grinta Invest aims to cater to a wide range of traders. WikiFX has given this broker a low score of 1.98/10. Why?
Discover IUX, a CFD broker offering high leverage up to 1:3000, no commission fees, and the MetaTrader5 platform. A great choice for traders worldwide.
In this article, we will conduct a comprehensive examination of Make Capital, delving into its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX endeavours to provide you with the essential information required to make an informed decision about utilizing this platform.
ASIC mandates immediate cessation of margin discounts by CFD brokers in Australia, emphasizing compliance with CFD PIO regulations to protect retail clients.