Saturday, January 28, 2023

United States: Federal agencies issue joint statement on crypto risks

With these statements, it is indicated that there will be even more changes for cryptocurrencies in the United States, changes that are likely to be replicated in other countries.

For most of 2022, banking regulatory agencies America did not fail to emphasize that cryptocurrency It is a market that needs more regulation, especially with the collapse and crisis in the sector that year.

In this year 2023 the agencies started with a strong statement about crypto assets Who looked at the problems of the past year.

Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) published a joint statement on January 3, calling for the strengthening of the conditions in which the crypto market exists.

A New Order Is Urgently Needed For The Cryptocurrency Market

It is important that risks related to the crypto-assets sector that cannot be mitigated or controlled are not passed through to the banking system,” the agencies said.

Similarly, the agencies indicated that “banking organizations are not prohibited or discouraged from providing banking services to any specific class or type of customers, as permitted by law or regulation,

“Based on the agencies’ current knowledge and experience to date, the agencies believe that the issuing or holding as principal crypto assets issued, stored or transferred in an open, public and/or decentralized network or in a similar system is inconsistent with safe and sound banking practices”, they stressed.

With these statements, it is indicated that there will be more changes for cryptocurrencies. america, Changes that are likely to be replicated in other countries.

You may also be interested in: Better monitoring of crypto assets, Israeli government takes up

Nation World News Desk
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