US required banks to report crypto activity

The FDIC reported that this is necessary to protect consumers and financial stability

09.04.2022 - 10:15

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What’s new? The US Federal Deposit Insurance Corporation (FDIC) has required banks under its jurisdiction to report any cryptocurrency-related activity. In a letter, the regulator required banks to provide any information that will allow the agency to assess the implications of such activity for consumer protection and financial stability.

Letter on the FDIC’s website

What else does the letter say? The regulator has emphasized that it supports innovations provided it is safe, compliant with regulations, and fair to consumers. However, the department is concerned about the rapid development of the cryptocurrency sphere, as the risks associated with it have not been sufficiently studied.

What had happened before? In early February, the FDIC included an assessment of crypto-asset risks on its list of priorities for this year. Acting Chairman Martin Gruenberg announced the regulator’s priorities for 2022, noting that each of them will require close collaboration among the federal banking agencies.

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