US regulatory agencies warned the banking industry against the risks that may come from the cryptocurrency market in a collective statement.
US Federal Reserve (Fed), Federal Deposit Insurance Corporation (FDIC) and Office of the Currency Controller (OCC) Banks have been warned about the risks of Bitcoin (BTC) and cryptocurrencies in a collective statement shared by regulators, including: in total 8 items This list has identified some of the key risks associated with the cryptocurrency industry. The aforementioned notice is only for banking institutions. “warning” character.
Pointing out the crises in the crypto money industry in the last year and FTX regulatory agencies that exemplify bankruptcy, “It is important that unmitigated or uncontrollable risks associated with the crypto-asset sector are not carried over to the banking system.” he said.
The aforementioned regulatory bodies,Significant security and robustness concerns related to business models centered on crypto-asset-related activities” said that. Against banks holding digital assets In the statement, which is stated to be approached with suspicion about the robustness, crypto-related transactions too much leverage A clear warning was given to banks about
In the list shared by institutions, stablecoins In addition to its sensitivity to banking transactions, risks including the potential for fraud and deceptive practices were highlighted. The statement also addressed issues such as uncertain redemption rights and unknown custody practices in crypto businesses. “areas of concern” was defined as. However, it was stated that the regulatory authorities continued to maintain their cautious approach to the issue:
Given the significant risks highlighted by the recent failures of several major crypto-asset companies, institutions continue to take a cautious and prudent approach regarding current or proposed crypto-asset-related activities and exposures at each banking institution.