United States: 2022 will be full of regulations for Bitcoin

The Federal Reserve (Fed), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), control and supervision agencies of the United States financial system, announced a list of tasks related to regulation of bitcoin (BTC) and other cryptocurrencies by 2022.

According to CryptoNews, American bodies reported that, after concluding a previous study on how banking agencies were approaching cryptocurrencies, consider it necessary to delve into these issues. Therefore, they are now considering analyzing the current regulation used by banks that have integrated services with bitcoin and other cryptocurrencies, as well as studying in greater detail how banks should adequately maintain custody of cryptocurrencies. It with him main objective of "providing greater clarity on whether certain activities related to cryptoassets, carried out by banking organizations, are legally permitted."

Likewise, they will analyze what companies should do to help consumers carry out transactions with bitcoin or what capital and liquidity standards must have the loan services guaranteed in crypto assets.

On the other hand, the OCC has indicated as a new policy that banks must request permits to be able to offer the custody of cryptocurrencies, as well as they must have prior approval to retain the dollars deposited to support stablecoins and to handle transactions with cryptocurrencies.

Similarly, lenders must apply for a special permit and demonstrate that they have sufficient risk controls before they are approved by the OCC.

The issuance of the joint statement by regulatory bodies came days after Christopher Waller, a member of the Fed's Board of Governors, criticized the Treasury Department's stance on regulating stablecoins.

According to Waller, it is not positive that banks have priority in the issuance of these crypto assets, since competition in the sector favors efficiency and provides facilities to users.

In fact, previously the US Treasury Department aligned itself with the Financial Action Task Force (FATF) guidelines. He also promised «continue leading »efforts to regulate this type of cryptocurrency tied to an underlying asset, such as the US dollar.

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Andrea Norabuena
Lawyer from the Pontifical Catholic University of Peru (PUCP). I am interested in topics related to consumer protection, intellectual property, competition law and personal data protection.

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