The Federal Reserve and other US banking agencies issued another statement on the proper management of cryptographic assets on Monday, describing the appropriate policies that must be followed for banks that participate in the “custody” of client digital assets.
The statement sent from the FED, Federal Deposit Insurance Corp. and the Office of the Comptroller of La Moneda made it clear that these last considerations do not represent a new policy impulse.
The trio of agencies set out to clarify that maintaining these assets correctly implies “controlling the cryptographic keys associated with the cryptographic active in a way that complies with applicable laws and regulations.”
In addition to cryptographic key management, the seven -page memorandum described some of the money laundering controls, risk management supervision, software knowledge and audits.
“This statement discusses how the laws, regulations and principles of existing risk management are applied to this activity, and does not create any new supervision expectation,” agencies said.
American banking regulators have had a tumultuous relationship with the digital asset space, since it issued an orientation during the previous administration of President Joe Biden that limited the bankers to do business easily with cryptographic companies. But the regulators under President Donald Trump have returned that guide.
The last feelings of the agencies reach the beginning of the self -description of the Crypto week of the United States Representatives Chamber in which legislators are expected to approve multiple cryptography invoices in an effort to establish formal regulations for digital assets of the United States.
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