The United States announced that the Federal Reserve has adopted a new approach in banks’ Crypto currency transactions and their practices on Dollar Token or Stablecoin activities. The Board repeatedly abolished the inspection letter, which was published in 2022 and asked the banks to in advance notification before making crypto transactions. This change is considered as a reflection of the rapidly changing regulatory environment in the United States.
Fed’s crypto money step
From now on, the Board said that the banks will apply a more flexible method while organizing crypto transactions. Instead of the traditional strict audit method, it was stated that it will be intervened in the case of ordinary situations in the relevant activities of the banks. In this context, the obligation to pre -notification in existing practices was eliminated.
The negative discrimination specific to the crypto has officially disappeared on the Fed front. For crypto works, banks will be monitored by normal controls, as in other processes, but deterrent measures for crypto will no longer be.
Crypto coins are relieved
The Federal Reserve has recently drawn attention with its steps in crypto money markets. At the same time, the audit directive, which was published in 2023 and determined for Stablecoin transactions, was taken back. This statement aims to reduce the uncertainties that may occur in the field of activity of financial institutions.
According to the statement of the Board, it is stated that the banks will intervene in case of unusual situations in the fields of activity. These developments are interpreted as an effort of the current regulatory application to adapt to the crypto currency market.
As stated in the previous statements, OCC, one of the regulatory institutions operating outside the US Securities and Stock Exchange Commission, has implemented regulations to allow banks to continue their crypto transactions. This is considered an important step in the approach of corporate finance to crypto asset markets.
The statements reveal that financial regulators aim to adapt to existing and future developments in the digital asset sector. Banks will be affected by the audit process during their normal activities within the scope of the new method. In this way, the Board stated that it aims to contribute to the stability of the market and to reduce uncertainty. In summary, the banks who want to enter the crypto currency business are now opened.
Updates are closely monitored by investors with financial sector actors. This flexible method implemented by institutions can be considered as an approach to adapt to the development of markets.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
