OCC, as a US-based banking regulator, banks on behalf of customers on behalf of the Crypto money to buy a green light. Banks will now be able to make crypto money transactions directly at the request of the customer. As long as the security and robustness criteria are met, these transactions will enter the portfolio of the banks. The pre -approval obligation that was repealed in March facilitated the work of the institutions.
New powers coming with the directive
According to the OCC’s current statement, banks will be able to transfer crypto currency transactions to third -party service providers. Thus, it became possible to manage technical infrastructure investment through outsourcing. Credit institutions will be able to organize the purchase and sale of crypto money required by the customer.
In the old regulation, banks had to conduct separate talks with the government officials before they started crypto money transactions. The obligation in question has now disappeared. Institutions are only obliged to provide the specified security protocols.
Security and Cooperation Conditions
OCC required all crypto money transactions to meet the current security standards. Infrastructure and software safety audits should be approved by independent experts. Banks will provide regular reports to demonstrate operational robustness.
Sector players think that this flexibility will fuel competition. Special service providers are also pursuing new collaborations with banks. Thus, the barriers between traditional banking and crypto currency world will gradually get up.
Previously performed through decentralized platforms can now be done under the control and assurance mechanism of banks. In this way, customer satisfaction increases, while risk management will be tightened.
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.
