💣 U.S. 🇺🇸: Banks get green light to custody and trade cryptocurrencies

💣 U.S. 🇺🇸: Banks get green light to custody and trade cryptocurrencies

The Office of the Comptroller of the Currency (OCC), part of the U.S. Treasury Department, has authorized financial institutions under its supervision to engage in cryptocurrency operations on behalf of their clients and to outsource related services.

➡️ The ruling applies to federal banks, savings associations, and U.S. branches of foreign banks.

➡️ These institutions are now permitted to delegate to third parties tasks such as digital asset custody, crypto accounting, tax services, and related financial reporting.

➡️ Context: Over 50 million Americans hold some form of crypto asset. In recent years, several regulations regarding alternative finance have been eased. For example, banks are no longer prohibited from operating with stablecoins. Additionally, on April 11, Congress approved a resolution repealing the requirement for DeFi platforms to report crypto transactions to the IRS.

#news #USA #crypto

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