Tuesday, March 21, 2023

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FED Warns Bank About ‘Crypto’ Activities

The US Federal Reserve (Fed) has warned banks to check regulatory clearances before offering crypto-asset-related services.The Fed has issued a supervisory letter for banks that engage in or want to engage in crypto-asset-related activities. In the letter in question, it was stated that emerging crypto assets offer potential opportunities for banking institutions, their customers and the overall financial system, but crypto-asset-related activities can also pose risks related to security, consumer protection and financial stability.

In the letter, in which the steps to be taken by banks that want to engage in crypto-assets-related activities, it was noted that the Fed’s developments on the subject and the participation of banks in activities related to crypto-assets are closely monitored.The letter emphasized that before engaging in any activity related to cryptoassets, banks should ensure that such activities are legally permitted.

In the letter, which also stated that banks should inform the regulators before carrying out activities related to crypto assets, it was stated that there should be sufficient systems and controls to carry out these in a safe and sound manner.

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