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Fed Hints at Master Accounts for Cryptocurrency Banks

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News Tech: Last week, the Federal Reserve Board of the United States focused on banks and cryptocurrency, issuing (or threatening to issue) many clarifications, one of which was long overdue. It announced the completion of the final edition of rules for reserve banks accessing Reserve Bank master accounts and services.

At the same time, the Fed made it plain that traditional banks that want to deal with crypto assets would need to interact with authorities more closely. It is advised that before making such a choice, you review state and federal legislation and tell the Fed supervisory contacts in advance.

These rules for crypto carry the possibility of “the most severe scrutiny,” to which non-federally insured institutions that do not have a holding company subject to Fed monitoring would be vulnerable. It is unknown if crypto banks will eventually gain access to master accounts under the new standards, or how long they will have to wait.

Last week was not only hectic for the United States’ banking regulator. The ECB established the groundwork for the parameters it would evaluate for standardising crypto licencing rules in Europe. It will specifically analyse the economic models of crypto enterprises, internal governance, and “fit and proper” evaluations that apply to licencing other organisations. Furthermore, it would rely on national Anti-Money Laundering (AML) authorities and respective countries’ financial intelligence units to supply data needed to identify possible hazards.

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