Editor's PiCK
The US Federal Reserve Abolishes Pre-Reporting Requirement for Banks Handling Virtual Assets
Suehyeon Lee
Summary
- The United States Federal Reserve has decided to abolish the pre-reporting requirement for banks handling Bitcoin and virtual assets.
- The regulatory change is said to support innovation by allowing banks to handle virtual assets more freely.
- The Fed stated that it plans to monitor banks' virtual asset activities according to general supervisory procedures in the future.
The United States Federal Reserve (Fed) has changed regulations so that banks no longer need to report in advance when handling virtual assets (cryptocurrencies) like Bitcoin (BTC).
According to Bitcoin Magazine on the 25th (local time), the Fed announced that "banks are no longer required to pre-notify when handling Bitcoin and virtual assets" and stated that "innovation will be supported when necessary."
Following this decision, the Fed plans to monitor banks' virtual asset activities according to general supervisory procedures in the future.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
