Cipollone - The digital euro: legal tender in the digital age

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The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are issuing this statement for banking organizations1 that provide or are considering providing safekeeping for crypto-assets.2 For purposes of this statement, “safekeeping” is defined as the service of holding an asset on a customer’s behalf.3 The agencies recognize that crypto-asset custodians may provide other custody services4 while safekeeping crypto-assets. This statement focuses on safekeeping. This statement discusses how existing laws, regulations, and risk-management principles5 apply to this activity, and does not create any new supervisory expectations. Banking organizations may provide safekeeping for crypto-assets in a fiduciary or a nonfiduciary capacity.6 Banking organizations that provide crypto-asset safekeeping in a fiduciary capacity must comply with 12 CFR 9 or 150, as applicable, state laws and regulations, and any other applicable legal provisions, such as the instrument that created the fiduciary relationship. A banking organization providing safekeeping for crypto-assets in a fiduciary capacity—such as a trustee, an executor of a will, an administrator of an estate, or an investment advisor—has the authority to manag FED, FDIC and OCC issue joint statement on crypto custody. US bank regulators provide blueprint for lenders holding crypto.

The FSB was created during the Global Financial Crisis to ensure global cooperation on financial regulation and improve the resilience of the global financial system. The reforms put in place by the FSB since then have helped contain the fallout from more recent crises including the COVID pandemic. Our remit remains just as important today. The shocks of recent years, and indeed of recent months, have emphasised the importance of financial stability and the implementation of globally agreed standards such as Basel III. The need for global cooperation is as clear today as it was 15 years ago: not just to prevent crises, but because ultimately a resilient system allows the efficient allocation of capital, enabling the G20 to focus on sustainable growth. I remain as committed as ever to upholding the FSB’s mission: international coordination of effective regulatory, supervisory and other financial sector policies in the interest of global financial stability. I look forward to working with you – the FSB’s principal sponsors – on these critical tasks. BOEs Bailey: Uncertainty continues to weigh on growth expectations https://t.co/HLN8OT6dHr