An opportunity for crypto banks? The Federal Reserve will publish a new guide for financial entities interested in major accounts

by Angel Di Matteo Tweet embed

Depending on the considerations raised, there may be a possibility for crypto banks specifically licensed in Wyoming. Custody s krakenbank, that have already submitted requests for access to this type of product.

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  • feed it Will publish a new directory for entities interested in major accounts
  • There are changes compared to the 2021 version
  • There may be a chance to Custody s krakenbank, Companies in the crypto sector

The US Federal Reserve (EDF) I mentioned today Which will soon publish a detailed guide for financial institutions to access “Major accounts”that is, the financial accounts managed by the entity to access global payment systems.

This announcement is particularly positive for some companies within the crypto space, for example those with cases that allow deposits for private purposes. (SPDI) Wyoming, as with Custody s legendary sea monster The bank, which has access to the main accounts and thus left aside the number of banking entities that act as intermediaries.

In this regard, Vice President feed it, Lael Brainard commented:

“The new guidelines provide a consistent and transparent process for evaluating Federal Reserve account applications, as well as access to payment services to support secure, comprehensive and innovative systems.”

About the new directory that will present a file feed it

According to the information published through the middle CoinDeskAnd the The new guide to be published soon bears a certain similarity to the first edition that was introduced in 2021, as it will create a multi-tiered system that allows feed it Adapting the evaluation process to grant corresponding access, depending on the type of financial institution submitting the application in question. The idea is that each level corresponds to a more comprehensive assessment, which considers different requirements.

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Considering the 2021 guide:

  • Category 1 banks are insured by the federal government.
  • At level 2, they are not insured by the government, but are subject to prudential supervision by a federal banking agency.
  • At level 3 are businesses that are not insured by the federal government, without prudent oversight from a federal banking agency, a category to which Wyoming crypto banks apply.

The revisions made to this guide have brought about some interesting changes, among them feed it Reports:

On the other hand, several commentators have recommended that the proposed guidelines should provide a more challenging path for organizations with new charters to access accounts and services. Several of these commentators have argued that the proposed guidelines should subject non-federally insured foundations to the same types of requirements that apply to federally secured depository institutions, regardless of the foundation’s business model.

It is worth noting that in 2021, both Custody How legendary sea monster Requested access to the main account, but it happened shortly before feed it He published his proposal that year, so his process was delayed longer than it should have.


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Article by Angel Di Matteo / Daily Bitcoin

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warning: This is an informational article. DiarioBitcoin is a medium of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investing in crypto assets is not regulated in some countries. It may not be suitable for retail investors as you can lose the entire amount invested. Check the laws of your country before investing.

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