Summary
- The three major U.S. federal financial regulatory agencies announced joint guidelines on virtual asset custody services.
- These guidelines emphasize that banks should approach virtual asset-related business with caution based on existing supervisory standards.
- The regulators highlighted the importance of strengthening risk management systems and internal controls, as well as addressing technological risks such as cybersecurity and private key management.
According to The Block, a specialized cryptocurrency media outlet, on the 14th (local time), the three major federal financial regulatory agencies in the United States—Fed, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC)—have announced joint guidelines regarding virtual asset (cryptocurrency) custody services.
This statement is not intended to introduce new regulations, but rather to emphasize that banks should approach virtual asset-related business with caution according to existing supervisory standards.
In particular, the regulatory agencies pointed out the need to establish internal controls and risk management systems that reflect the risks associated with the technological characteristics and rapid market changes of virtual assets.
They explained, "Banks intending to provide virtual asset custody must closely examine technological developments and market conditions, and be prepared for various risk factors such as cybersecurity, private key management, and protection of other sensitive information."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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