Crypto Exchange Coinbase calls on federal supervisors to clarify rules with which banks can offer digital assets services, which describes it as unnecessary barriers in the crypto banking sector.
Seen in letters by Bloomberg, Coinbase addresses three important banking regulations – the office of the Current of the Currency (OCC), the Federal Reserve Board of Governors and the Federal Deposit Insurance Corporation (FDIC).
In the letters, coinbase, an explicit confirmation requires that banks can offer crypto guardianship and trade services, either directly or via external providers.
The largest crypto exchange established in the US also claims that although the federal laws already allow banks to carry out crypto activities, regulatory uncertainty has prevented many institutions from entering the market.
Says Faryar Shirzad, Chief Policy Officer of Coinbase, about the issue:
“We need clarity that banks can collaborate with qualified external providers to serve their customers’ crypto needs.”
Yesterday, Coinbase remained its dedication to work with supervisors, to work well by getting approval from the UK Financial Conduct Authority (FCA) to become the largest virtual assetrovider in the United Kingdom (Vasp).
“This Vasp registration makes Coinbase the largest registered player of digital assets in the UK. The British government and the FCA develop a welcome regulation for the crypto sector, hopefully a member of the growing trend of countries that embrace economic freedom and free markets.
Governments around the world wake up with the fact that crypto is feeding economic prosperity. We believe that crypto is the most important technology that can generate growth in the world, and the UK is ready to take advantage of this. “
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