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U.S. Fed Reserve issues guidance for banks considering crypto activities Updated: 2022-08-17 09:16:05 KST

The U.S. Federal Reserve released formal guidelines on Tuesday to oversee cryptocurrency-related activities by banks and related financial institutions.
The Fed said in a supervisory letter that board-supervised banks should take steps to notify the regulator before engaging in crypto-related activities to ensure that they comply with rules.
It also advised banking organizations to have systems and controls in place in order to conduct crypto-related activities.
The Fed noted that the crypto-asset sector presents growth opportunities for banks but comes with many potential risks including threats to financial stability and cybersecurity.
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