What was until recently unthinkable is already a reality: American banks will be allowed to offer cryptography services.
It is a surprising change in American politics which, for a long time, has been prudent with digital currencies. Cryptocurrencies are becoming more and more linked to traditional finances.
American banks are authorized to offer cryptography services
The moned controller office (OCC) is the American regulator of national banks.
The agency confirm That banks and financial institutions can already offer crypto services to their customers.
Among other things, they are allowed to facilitate trade in digital assets. They are also authorized to subcontract tasks in specialized parts, such as the custody and the management of cryptocurrencies.
Confirmation of the West marks a turning point. So far, the traditional financial sector has considerably preserved cryptocurrencies, mainly due to the lack of clarity of its regulations and its application.
The financial world is transformed
Although the OCS previously softened the directives, this marks another step: the active intertwining of cryptocurrencies with the traditional financial system.
This evolution is part of a broader trend in the United States, where the regulation of cryptocurrencies is gradually clarified.
In March, the West has already adjusted the directives for, among other things, to offer stablescoins, tokens linked to the value of fiduciary money as the US dollar.
According to Rodney Hood in functions, OC is forced to take these measures in the context of modernization.
“More than 50 million Americans have a kind of crypto. This digitization of financial services is not a trend; is a transformation ”, Hood said.
Banks need more clarity
American regulations on cryptocurrencies have always been very confusing for American banks.
Faryar Shirzad, Chiptobolsa Policy Head Coinbase, compliment The Decision of the OCC. According to him, clear rules are crucial for banks who wish to operate with cryptocurrencies.
“Thank you very much to the Rodney Hood in office for having clarified even more than national banks cannot offer a wide range of cryptography services,” said Shirzad.
However, according to Katherine Kirkpatrick Bos, Starkware legal advisor, there is still a lot of ambiguity.
“A greater orientation will give more clarity and allow banks to engage in cryptocurrencies without fear of existential regulatory risks”, ” Bos said.
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