The office of the Current of the Currency (OCC) facilitates its position on how American banks deal with crypto and stablecoin activities.
In a new press release, the regulatory body says that banks now have the green light to manage crypto activa, to participate in certain Stablecoin activities and participate in junction verification networks.
In addition, the OCC is a requirement that institutions under his jurisdiction forced institutions to meet certain requirements before they can perform crypto-related activities.
Says acting comprollure of the currency Rodney E. Hood,
“The OCC expects banks to have the same strong risk management controls to support new banking activities as for traditional.
Today’s action will reduce the burden for banks to enter into crypto-related activities and to ensure that these banking activities are treated consistently by the OCC, regardless of the underlying technology. I will continue to work diligently to ensure that the regulations are effective and not exaggerated, while retaining a strong federal banking system. “
Under the BIDEN administration, the OCC has sent a letter that has since been withdrawn and our banks told that they first have to erase crypto-related activities with the regulator before they can legally participate in them.
“This letter clarifies that the activities that have been tackled in [previous] Interpretative letters are legally permitted for a bank to participate in, provided that the bank can demonstrate the satisfaction of its supervisory office that it has controls to perform the activity in a safe and solid way …
The bank may not participate the activities until he receives written notification from the non-objection of the supervisory office. “
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