The agencies have indicated that this declaration does not include any expectations of new supervision guidelines.
Three federal banking organizational organizations published a joint declaration last Monday, in which the banks provided for the static preservation services for digital assets should be mentioned to comply with risk management standards, and the American federal reserve, the Federal DEPOSIT INSURANCE AUTHORITY (FDIC), and the currency control office (OCS) participated in the Declaration, regulatory regulations, and the current risk management protocol “on” prudence “.
The agencies indicated that the declaration does not include any new control procedure, but rather aims to underline the importance of following the highest risk management standards, and said that “[هذا البيان] Banks that provide or intend to provide safe conservation services for these assets are recalled that safe and solid methods must be followed with the laws and regulations in force.
Federal agencies: Banks can provide two types of strict conservation services for digital assets
The three federal agencies have confirmed in a detailed note of 7 pages that the most appropriate way of saving these assets includes the “conservation of the special keys associated with digital assets in a manner compatible with the laws and regulations in force”, and added that banking institutions can provide two types of digital asset conservation services, which are credits and non-credit of conservation.
Thanks to the credit conservation agreement, banks – according to legal powers – have the right to behave in the name of customers as a authority for supervision, which forces them to follow specific federal regulations (CFR 9 12 or 150), and the declaration has also indicated the need to comply with the laws and regulations of all states, as well as any other linked legal provision.
With regard to non-credited conservation services, banks are forced to apply strict protection procedures to protect customer assets, including cyber-men’s protection, data loss and key key management.
Federal agencies have been transformed previous chipto instructions
The American federal agencies have previously imposed restrictions on banks that easily deal with companies operating in the Crapto sector under the leadership of Biden, but the current president Donald Trump – the supporter of the Chipo sector – was signed last March a presidential affair for a long time on digital currencies, and he established by him a federal approach that undergoes to a friendly regulatory check.
This prompted the federal Deposit Insurance Authority (FDIC) to officially delete the “risks linked to reputation” as one of the factors used in the evaluation of banks, which represented a visible victory for the CRIPTO sector, and the agency also issued directives which opened the way banks under the supervision of American regulators to practice
On the other hand, the last declaration of these agencies coincided with the first day of what the American House of Representatives called “Crypto Week”, which began yesterday on July 14. Through it, the Republican Party (GOP) aims to approve 3 major invoices linked to CRIPDC, the Claarity Act, the Anti-CBDC Senate and the Senate Engineering Law.
The position that banks concerning the “safe conservation” of digital assets are necessary to improve risk management controls according to American federal agencies appeared first on Arab Cryptonews.