US Agencies Highlight Potential Liability Risks for Banks Custodying Bitcoin Amid Regulatory Shifts
2025-07-14 22:40:17
Main Idea
US regulators have outlined a risk framework for banks offering crypto custody services, emphasizing compliance with AML and KYC protocols, while crypto firms are seeking banking licenses to integrate further into the traditional financial system.
Key Points
1. The FDIC, OCC, and Federal Reserve jointly published a framework titled 'Crypto-Asset Safekeeping by Banking Organizations,' detailing risks and compliance requirements for banks custodying cryptocurrencies.
2. Banks must adhere to anti-money laundering (AML) and know-your-customer (KYC) protocols when providing crypto custody services.
3. Crypto companies like Ripple and Circle are applying for federal banking charters, indicating a trend toward greater integration with traditional finance.
4. The Federal Reserve and other regulators are easing restrictions, with the FDIC's regulatory reset in 2025 expected to further reduce barriers for banks in crypto custody.
5. The guidance highlights the need for specialized audit programs to scrutinize key management and third-party custody arrangements.
Description
US federal agencies have issued a joint document outlining the risks banks face when custodying crypto assets, emphasizing compliance and liability concerns. The guidance highlights the need for banks to
Latest News
- Bitcoin Price Dips Amid Large Whale Transfers and Increased Profit-Taking Activity2025-07-15 05:12:44
- Analyst Katie Stockton Suggests Bitcoin Could Reach $135,000 as Intermediate-Term Target2025-07-15 05:09:53
- Bitcoin Eyes Potential Move Toward $130K as RSI Nears Key Breakout Level2025-07-15 04:57:43
- Polkadot Shows Potential Breakout from Falling Wedge with Volume Surge and Technical Upgrades2025-07-15 04:45:03
- Galaxy Digital Moves 80 Million USDT from CEX to Coinbase Following Massive Bitcoin Whale Transfers2025-07-15 04:32:41