Federal Reserve, FDIC, and OCC Joint Statement Clarifies Rules Regarding Banks Holding Customer Crypto Assets
Powered by ChatGPTThe U.S. Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (Fed), and the Federal Deposit Insurance Corporation (FDIC) jointly issued a statement requiring banks to strictly comply with existing laws and regulations and strengthen risk management when providing crypto asset custody services. The statement emphasizes that banks need to conduct comprehensive risk assessments and controls on crypto asset key management, third-party custody, cybersecurity, compliance and anti-money laundering, and other aspects. At the same time, banks should ensure that relevant personnel have the necessary technical capabilities, improve customer agreements, and conduct regular internal and external audits to protect the safety of customer assets. The statement also added that this release does not establish new regulatory requirements. [Odaily Planet Daily News]