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US Announces Regulatory 2022 for Bitcoin

The control and supervision bodies of the United States financial system announced today a list of tasks that they will complete next year, all related to the regulation of bitcoin (BTC) and other cryptocurrencies.

The Federal Reserve (Fed), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), in a joint statement, reported on a series of guidelines set for 2022. This with the main objective to “provide greater clarity on whether certain activities related to cryptoassets, carried out by banking organizations, are legally permitted.”

The document details that after concluding a previous study on how banking agencies were approaching to cryptocurrencies, regulators considered that it was necessary to delve into several issues.

In this sense, they are now considering analyzing the current regulation that use banks that have integrated serv icios with bitcoin and other cryptocurrencies. Also, they will study in greater detail how banks should properly maintain custody of cryptocurrencies.

By 2022, regulators have set out to better understand how banking agencies in
The United States is dealing with stablecoins. Source: Stock.Adobe

In the same way, they will analyze what companies should do to help consumers carry out transactions with bitcoin or what capital standards and liquidity must have loan services guaranteed in crypto assets.

to trade bitcoin

Additionally, the OCC followed the launch of the roadmap with a new policy, by ordering the banks it regulates, that must request permits to be able to offer custody of cryptocurrencies. Likewise, they must have prior approval to retain the dollars deposited to back stablecoins and to handle cryptocurrency transactions.

In addition, lenders must request special permission and demonstrate that have sufficient risk controls before they are approved by the OCC, according to a Bloomberg report.

Regulators issued their joint statement, days after Christopher Waller, member of the Board of Governors of the Fed, will criticize the Treasury Department’s position on the regulation of stablecoins or stablecoins.

In your opinion , it is not positive that banks have priority in the issuance of these crypto assets, since competition in the sector favors efficiency and provides facilities to users, as reported CriptoNoticias.

Previously, this medium t It also reported that the US Treasury Department aligned itself with the guidelines of the Financial Action Task Force (FATF). He also promised to “ continue to lead” efforts to regulate this type of cryptocurrency tied to an underlying asset, such as the US dollar. To do this, it published a document in which it asks Congress to regulate stablecoins, for example, prioritizing the mandatory identification of users (KYC) who operate with them.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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