Initially reluctant to adopt cryptocurrencies, American banks have ended up including the latter in their services. Today, they are competing creatively in order to offer their clients the best exposure to the cryptocurrency markets. Faced with the phenomenon that is gaining momentum, the Federal Reserve has urged banks to ensure the legality of their crypto services.
A measure aimed at protecting customers from the many risks associated with cryptos
It was through an open letter published on Tuesday that the Fed reminded US banks of their obligations when entering the crypto market. The most important of all is in particular to verify that the various crypto services they want to launch are legally allowed in the country. While recognizing that cryptocurrencies” present opportunities “for banks and their customers, the Fed has focused on the associated risks. She mainly cited cybercrime, money laundering or financial instability.
“Cryptocurrency-related activities can also pose risks related to security and robustness, consumer protection and financial stability. Certain types of crypto assets, such as stablecoins, if adopted on a large scale, could also pose risks to financial stability, including potential disruptions in payment systems “, the Fed’s letter says. Therefore, the institution invited banks to approach it to set up risk management and control systems.
Far from opposing the introduction of crypto services within banks, the Fed wants it to be done in compliance with US laws. For it, this is an indispensable prerequisite for protecting consumers and maintaining their financial stability. To this end, it is also preparing to create guidelines for bitcoin and crypto banks.
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Behind the generic signature “Editorial CT” are young journalists and authors with special profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.