“Banks wishing to offer crypto services in the US must have the respective permission”, clarifies the OCC – DiarioBitcoin

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"Banks wishing to offer crypto services in the US must have the respective permission", clarifies the OCC - DiarioBitcoin By Angel Di Matteo @shadowargel

In this regard, OCC indicates that all interested banking entities must abide by the regulations currently in force, and that they must wait to receive approval from the regulator to offer such services.

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The Office of the Comptroller of the Currency (OCC) In the US, it indicated that banks interested in providing cryptocurrency services to their users should first request the corresponding permission before taking this step.

Banks must request permission from the OCC before offering crypto services

This was indicated by the regulated body in a statement published today, in which it invited banking entities to be very clear about compliance with the currently existing regulations, which apply to stablecoins and services based on the use of cryptocurrencies, always who would like to offer this new line of products to all users.

In the published document the OCC it reads:

“This letter clarifies that the activities mentioned in those interpretive letters [previamente presentadas] they are legally permitted for a bank to get involved, provided that the bank can demonstrate, to the satisfaction of its supervisory office, that it has controls in place to carry out the activity safely and in a good manner ”.

And add:

“The bank should not participate in the activities until it receives a written notification of the no objection from the supervisory office. In deciding whether to grant the supervisory no-objection, the supervisory office will assess the adequacy of the bank’s risk management systems and controls, and risk measurement systems, to allow the bank to engage in the proposed activities in a manner safe and solid ”.

Banks and crypto services

The clarification by the OCC This comes in light of the great interest shown by banking entities in offering services associated with cryptocurrencies to their clients, this hand in hand with the fact that several companies in the digital currency sector also expressed their intentions to become duly regulated banks.

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However, regulatory tensions have led the agency to issue public clarifications a little to better clarify the situation and the applicable conditions as the case may be. Let us bear in mind that both the EDF as the SEC They made visible the need to create clear rules to deal with stablecoins and certain digital currencies with particular characteristics.

Refering to OCC, the agency now joined forces with the Federal Insurance and Deposit Corporation and the FED, precisely to work on a schedule for next year to better guide banks, especially when interacting with digital currencies if they wish to offer products and services.


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Source: CoinDesk, Decrypt

Version by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

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