The Office of the Comptroller of the Currency of the United States (OCC) has clarified how the cryptocurrency activities of national banks and federal savings associations in the United States will be regulated.
In a clarifying letter, the OSS said that national banks and federal savings associations are required to confirm that they have reliable risk management systems and controls before they can use cryptocurrencies, stablecoins and blockchain in their activities.
National and federal savings banks will have to notify the supervisor that they intend to work with digital assets. Only after the bank receives a written notification from the regulator about the absence of objections, it can conduct business with cryptoassets.
According to Michael Hsu, acting head of the OSS, the clarification letter ensures that the activities of banks and federal savings associations in the field of cryptocurrencies, distributed ledger and stablecoins will be carried out in a safe and reliable manner.
“Since many of these technologies and products pose new risks, banks must confirm that they have appropriate risk management systems and controls. This will provide confidence that their activities with cryptoassets are carried out within the framework of federal regulatory legislation, ”he said.
The letter is accompanied by instructions, following which banks can interact with the regulator to provide written notification of their intention to work with cryptoassets. The guide sets out the criteria that the OCC will follow to evaluate and decide no objection.
As a reminder, in early October, the Office of the Comptroller of the United States called for tightening control over stablecoins. Additionally, in September, Michael Hsu said that the DeFi industry could trigger an economic meltdown similar to the 2008 international financial crisis.
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