According to the new NCUA guidelines, the bank customers will be able to sell uninsured digital assets

​US credit unions allowed to work with cryptocurrency companies

18.12.2021 - 07:10

265

1 min

What’s new? A letter from the National Credit Union Administration (NCUA), dated December 16, reports that the credit unions will be empowered to form relationships with third-party digital asset services. This will allow the customers of such unions to buy, sell and hold uninsured digital assets.

The NCUA letter

Who will the credit unions work with? NCUA will assess relationships with the cryptocurrency providers on the same basis as to all other third-party relationships. However, some cryptocurrency transactions will fall under the jurisdiction of other regulators. NCUA Chairman Todd Harper said that it is of paramount importance to NCUA that the federally insured credit unions comply with the laws and sound business practices, including those related to consumer financial protection and cybersecurity.

Author:

Vasiliy Smirnov Vasiliy Smirnov

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy