US Federal agencies outline key risks for banks eyeing crypto custody
2025-07-14 22:41:10
Main Idea
Three US financial agencies outline supervisory expectations for banks handling crypto-asset safekeeping, emphasizing risk assessment and compliance with regulations.
Key Points
1. The document 'Crypto-Asset Safekeeping by Banking Organizations' details banks' need to assess risks related to understanding crypto assets and potential liabilities.
2. Banks must comply with the Bank Secrecy Act and Anti-Money Laundering regulations when dealing with crypto assets.
3. Major institutions like BlackRock and BNY Mellon are already involved in crypto-asset custody services.
4. The FDIC has eased crypto restrictions for banks as part of a 'regulatory reset' in 2025.
5. Ripple and Circle are examples of crypto firms seeking banking licenses, indicating growing integration between crypto and traditional finance.
Description
One risk facing banks that custody crypto is the potential for liability if crypto assets are lost, according to three US financial agencies.
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