US regulatory trio announce plans to establish crypto asset roadmap

Three key regulatory bodies in the US have revealed they are putting together a roadmap to provide greater clarity on a number of areas related to crypto assets.

The Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have all been carrying out a series of ‘policy sprints’ in order to secure preliminary analysis on various issues surrounding crypto assets.

The three agencies have promised to provide greater clarity of whether some of the activities conducted by banks surrounding crypto assets are legal, and what is to be expected in terms of safety, regulatory compliance and consumer protection.

During 2022, the regulatory trio will provide guidance on crypto asset safekeeping and traditional custody serves, facilitation of customer purchases and sales of crypto assets, ancillary custody services, loans collateralised by crypto assets, issuance and distribution of stablecoins and activities involving the holding of crypto assets on a balance sheet.

Earlier this year, UK’s Financial Conduct Authority found that while people are increasingly investing in cryptoassets and no longer think of it as a gamble, they should be “prepared to lose all their money.”

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