November 25, 2021
2 mins read

After India, US gets tough on crypto

Throughout 2022, the US agencies plan to provide greater clarity on whether certain activities related to crypto-assets conducted by banking organisations are legally permissible …reports Asian Lite News

 The banking regulators in the US have announced a plan to clarify the rules and regulations around how banks can use cryptocurrencies over the next year, at a time when governments the world over, including India, are weighing the risks associated with cryptocurrencies and safeguard investors.

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency said in a statement that they recognise that the emerging crypto-asset sector presents potential opportunities and risks for banking organisations, their customers and the overall financial system.

“As supervised institutions seek to engage in crypto-asset-related activities, it is important that the agencies provide coordinated and timely clarity where appropriate to promote safety and soundness, consumer protection, and compliance with applicable laws and regulations, including anti-money laundering and illicit finance statutes and rules,” the regulators said in a joint statement on Wednesday.

Throughout 2022, the US agencies plan to provide greater clarity on whether certain activities related to crypto-assets conducted by banking organisations are legally permissible, and expectations for safety and soundness, consumer protection, and compliance with existing laws and regulations.

The agencies said that they continue to monitor developments in crypto-assets and may address other issues as the market evolves.

Further, the agencies will continue to engage and collaborate with other relevant authorities, as appropriate, on issues arising from activities involving crypto-assets.

In India, the upcoming Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private cryptocurrencies in India.

It, however, allows for certain exceptions to promote the underlying technology of cryptocurrency and its usage.

With the Indian government seeking to ban all private cryptocurrencies in the Crypto Bill 2021, experts and leading industry players have said that provisions relating to “banning” private cryptocurrencies would have to be looked at very carefully.

Several high-profile meetings have been held to discuss the regulation of cryptocurrencies in recent days. The Parliamentary Standing Committee had also called for the regulation on cryptocurrencies and its ecosystem.

Prime Minister Narendra Modi had earlier said that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands.

Giving an example of the virtual currency, he had said: “Take cryptocurrency or Bitcoin for example. It is important that all nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.”

ALSO READ: Modi cautions on cryptocurrency, says nations need to work together

Previous Story

Russia, Asean to hold first ever joint drills in SCS

Next Story

Terrorism: Pakistan has no plan to change

Latest from -Top News

Call to Greylist Pakistan Over Terror Links

Freddy Svane, the former Danish Ambassador to India, said that it is high time for the world to acknowledge that Pakistan remains the epicentre of terrorism in the region….reports Asian Lite News

Colombia backs India on terror

The change in tone from Colombia is seen as diplomatically significant, especially given its forthcoming role as a non-permanent member of the United Nations Security Council (UNSC). In a diplomatic correction welcomed

Yunus under fire for poll claims

The backlash was sparked by Yunus’ comments during a visit to Japan earlier this week, where he reportedly said that “no one except one party wants elections in December.” Bangladesh’s fragile political
Go toTop

Don't Miss

Ghani, Abdullah to meet Biden at White House

This meet comes amid a dramatic surge in violence in

Blinken lauds India’s role at G20

The US is looking forward to doing everything it can