The Federal Reserve strengthens supervision of digital currencies! ! ! ! (one)
The Federal Reserve said it has developed a plan to step up scrutiny of lenders' involvement in digital assets and to tighten oversight of the activities of lenders it regulates involving digital assets and blockchain technology, as U.S. regulators limit banks' involvement in cryptocurrencies. latest measures.
State-owned banks must obtain central bank approval before issuing, holding or trading stablecoins to facilitate payments. The move could affect the plans of lenders in states considered more crypto-friendly but still subject to central bank regulation.
State-owned banks regulated by the Fed must demonstrate that they have appropriate safeguards in place to mitigate risks, including liquidity, cybersecurity and illicit financial risks. They also need to demonstrate that they can monitor these issues on an ongoing basis. Lenders should notify the Fed before engaging in certain stablecoin activities and wait until they receive “written notice of regulatory non-objection” before proceeding.
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