The OCC, a US official audit organization in the US, has published a new guide for national banks to keep crypto assets storing and trading transactions. The statement said that banks can buy and sell crypto assets in line with the instructions of their customers and transfer some services to third parties. The guide also touched upon the risk management standards required for banks to perform crypto assets responsible.
Clarity for crypto currencies
In the published document, it was emphasized that banks can safely store cryptovarces and provide registration, tax reporting and compliance services. In this context, it was stated that crypto services for banks will expand as well as traditional financial services and thus more comprehensive response to customer demands. In addition, banks should apply appropriate risk management procedures to support their services with third -party providers.
Many banks have preferred to stay away from the crypto due to their concerns about regulations and uncertainty. The anti -crypto policies of the Biden administration also fed this stance. However, the point we have reached today encourages crypto beyond the elimination of negative discrimination applied to crypto. Banks are also preparing to provide crypto services on reasons such as income, product diversity and customer demand. In a non -distant future, we can see that large US banks are in serious competition for crypto products. For several years, trillion -dollar asset managers have been experiencing this and now it’s time for banks.
Crypto services are now free
The currency supervisor office (OCC) guide required banks to comply with the necessary risk management practices while benefiting from third -party service providers. The regulatory institution drew attention to the importance of the execution of crypto asset transactions in a safe and in accordance with the law. This requires that banks take precautions against the potential risks they may encounter in the digital transformation process.
Rodney Hood, one of the authorized names, stated that crypto services are transformation and that banks could take important steps in this field.
Rodney Hood: “The digitalization of financial services is not a fashion, but a transformation.”
Guidance allows banks to buy and sell crypto assets in line with customer instructions, while the records of these transactions and taxation processes will be subject to regulation. Thus, banks are expected to manage crypto asset portfolios and will be realized within a similar framework for traditional asset management processes. In other words, the market regulator, which was established in the late 1800s, is now officially treated as crypto currencies. In this aspect, the step taken is very important.
Among the elements stated by the OCC, banks provided priority to security standards while providing services related to crypto assets. It is important that banks not only adapt to legal regulations while providing crypto asset storage services, but also to take the necessary measures to protect their assets.
With this new guidance, we can say that OCC banks have taken steps to increase their crypto activities, in parallel with the development of the sector, the strengthening of risk management practices will now turn the crypton into a much larger market.
Guidance is a guide about the strategies and risk management approaches to be implemented by banks to provide digital asset services. This step of the regulatory institution aims to contribute to the realization of digital transformation in the financial sector within the framework of responsibility.
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.
