The U.S. Securities and Exchange Commission’s (SEC) guideline on the storage of crypto assets on behalf of third parties has foiled banks’ plans.
of the SEC March 31, 2022 published on “Accounting for digital assets held by bank intermediary institutions and derivative businesses registered on US stock exchanges on behalf of their customers or users” guide to the introduction of banks into the cryptocurrency sector. made it difficult is spoken.
The institution, together with the guide it has published, Digital asset custody on behalf of 3rd parties although it has not banned its services cost and brought workload because of this service is not applicable makes it.
Managers of financial institutions in Reuters’ report on the subject have taken this move as a anti promote considers it. Many projects to stop phase managers who stated that they are coming to new projects they didn’t start and recruiting new customers to their ongoing projects what they didn’t do states.
President of State Street Digital Nadine Chakar He made the following statements about accounting standards:
We have issues with the reason we do this because the assets we hold on behalf of our clients are not ours. It should not be on our balance sheet.
Banks are considered one of the easiest ways to get a share of the burgeoning digital asset sector in early 2020. digital asset custody services Although they chose it, they have stopped their projects with the published guide. Digital Asset platform Anchorage Digital’s head Diogo Monicayour obligations quite heavy that the banks they are in cooperation with, suspend the projects. regulation He said they were waiting.
According to the information obtained from the reports and sources related to the subject digital asset industry lobbies SEC, taking banks off the grid trying to persuade. On the other hand, some companies individual exemptions It is said that he is looking for