The Fed required banks to obtain permissions for operations with stablecoins

Federal Reserve System FRS
Federal Reserve System FRS

The U.S. Federal Reserve System (FRS) has stepped up its oversight of controlled state-owned banks involved in transactions with cryptocurrencies and stablecoins.

According to the statement, before issuing, storing or transacting with dollar tokens, financial institutions must obtain written permission from the department.

Banks should also have risk management practices in relation to cybersecurity, liquidity, consumer compliance and the fight against illicit finance.

Additionally, the Fed will regulate the provision of banking infrastructure to companies involved in digital assets and blockchain technology. Supervisory groups will be able, at their own discretion, to check financial institutions for compliance with US law.

Thus, the Central Bank intends to ensure the safety and reliability of the banking system.

Recall that in June, Fed Chairman Jerome Powell called stablecoins money and called for their regulation.

Earlier, the Financial Services Committee of the US House of Representatives presented the third version of the profile bill on “stable coins”.

In February, the Fed FDIC And OCC reminded US credit institutions of the potential risks posed by companies focused on providing crypto services.

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