Federal Reserve Provides Further Guidance for Banks Engaging or Seeking to Engage in Crypto Asset-Related Activities

[Federal Reserve Provides Further Guidance for Banks Engaging in or Seeking to Engage in Encrypted Asset-related Activities] Golden Finance reported that the Federal Reserve on Tuesday provided more guidance to banking institutions that engage in or seek to engage in encrypted asset-related activities. The regulatory letter issued by the Federal Reserve outlines the steps that banks regulated by the committee should take before engaging in crypto-asset-related activities, such as assessing whether such activities are legal and determining whether any regulatory filings are required. Additionally, the supervisory letter states that banking institutions regulated by the Commission should notify the Commission before engaging in activities related to crypto assets. Before carrying out activities related to encrypted assets, the subject banking institutions should have satisfactory systems and controls (measures) to carry out related activities in a safe and healthy manner.

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