Fed, FDIC & OCC Don Drop Guide for Crypto Asset Custody
Di Federal Reserve, FDIC an OCC don join han tok klar di lawwey for crypto asset custody by bank dem, sey digital assets remain as uninsured bank deposits an sej say dem haffi follow di existing risk management, capital, liquidity, an cybersecurity rules. Bank dem fit offer crypto asset custody services under di current law—wey separate trust an non-trust roles—by dem manage private keys well, use wallet strategies, do due diligence on third party custodians, an follow KYC, AML, tax an consumer protection rules. Di guidance dey give regulatory surety without new rules, wey open road for more institutions dem to use am plus boost market confidence.
Bullish
Di interagency guidance don remove legal wahala wey dey surround crypto asset custody, e dey encourage banks make dem start custody services without any fresh regulatory wahala. For short term, dis clarity fit boost institutional money wey dey enter and trading activity as banks dey join custody service, wey go improve market liquidity. For long term, proper risk management and compliance standard go strengthen infrastructure, encourage bigger institutional adoption and boost market confidence. Historically, this kind regulatory clarity don dey linked to price increases for major crypto assets, wey mean say market dey look bullish.