FDIC says banks don’t need prior approval for crypto activities
US banks no longer need to receive prior approval before engaging in crypto-related activities, says the Federal Deposit Insurance Corporation.
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The watchdog says firms that it supervises can carry out “permissible activities” involving new and emerging technologies such as crypto and digital assets, provided that they “adequately manage” the associated risks.
The stance reverses the FDIC’s previous policy of requiring banks to clear crypto-related activities before carrying them out.
“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” says…
