Fed Seeks Comment on Requiring Stablecoin Issuers to Verify Customers
Summary
- The Federal Reserve Board said it is considering requiring customer identification programs, or CIP, for certain payment stablecoin issuers.
- The proposed rule includes treating stablecoin issuers as financial institutions under the Bank Secrecy Act, or BSA.
- The proposal was jointly issued by the Fed, the Office of the Comptroller of the Currency, or OCC, and the Federal Deposit Insurance Corp., or FDIC. Comments will be accepted for 60 days after publication in the Federal Register.
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The Federal Reserve Board is considering requiring certain payment stablecoin issuers to verify their customers.
In a notice posted on its website on June 18, the Fed said it is seeking public comment on a proposal that would mandate customer identification programs, or CIP, for certain payment stablecoin issuers.
The proposed rule would require those issuers to adopt CIP measures. It would also treat stablecoin issuers as financial institutions under the Bank Secrecy Act, or BSA.
Comments will be accepted for 60 days after the proposal is published in the Federal Register. The proposal was issued jointly by the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
