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Regulation of crypto assets is difficult

via:商业密码     time:2021/11/27 23:07:26     readed:220

Business Password November 25 (Shao Feng) news,The difficulty in managing cryptocurrency assets has become a problem that many countries are aware of. It is not only related to tax evasion and money entering and leaving the country, but also provides financial support to the black and gray industry.In particular, it provides financial support to terrorists and causes social unrest. The decentralized and anonymous nature of virtual currency has brought management difficulties to the supervision and become a difficult problem for financial regulators.

The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have issued a joint statement summarizing the "policy sprint" of US banking regulators for the interagency regulation of crypto-asset-related businesses and outlining the future regulatory path related to the industry.

In 2022, regulators will make clearer requirements on the legality of banks' activities related to crypto assets, the statement said; The areas covered include: custody and custody services for crypto assets, how companies facilitate customer transactions of crypto assets, loans collaterized by crypto assets, issuance and distribution of staboins, and activities involving holding crypto assets on balance sheets.

Will evaluate the use of US banks' capital and liquidity metrics on crypto assets and remain in dialogue with the Basel Committee on Banking Supervision in this area.

Is given priority to with COINS, etheric fang, NFT all encrypted assets has been supporting virtual currency industry the main financial assets, its cover payments, exchange, securities, trust, bank, and other financial forms, not only affect the liquidity and market risk of traditional financial industry, will also break the national boundaries, let the flow of funds become blurred.So China, the United States and other countries to speed up the field of supervision, and seeking a reasonable method, has become to go to the whole chain of supervision.

The Office of the Comptroller of the Currency (OCC) also issued a statement reiterating previous guidance that banks must demonstrate adequate controls in place before they can engage in businesses related to cryptocurrencies, distributed ledgers and stablecoins. It can be seen that if the bank wants to engage in the business related to virtual currency, it must be able to carry out risk control, supervision and control process in this field, so as to solve the operational risk, liquidity risk, strategic risk and money laundering problems brought by hacking, fraud, theft and third-party management.

However, at present, most banks do not have the supervision ability, and can only act as a passive response to payment, so virtual currency will form an invisible blow, and virtual currency withdrawal will be restricted.

The European Central Bank has released its latest Electronic Payments Regulatory Framework (PISA), which will assess the security and efficiency of electronic payments, including services related to electronic wallets and crypto assets. In Europe, crypto assets are allowed as a means of payment, but they must comply with the same tax disclosure and anti-money laundering rules as any other means of payment.But this area of supervision is still a blank, need capable technology companies to provide the underlying technical support. The integration of virtual currency and banking system must be integrated into the supervision system of various countries. If not, the financial industry will be hit.

In the future, countries all over the world will introduce relevant management policies in order to minimize the harm of virtual currency. Virtual currencies are not outside the law. Since they appear in the public eye as assets, they must comply with the requirements of various countries for financial control. It is expected that the virtual currency market will enter the cold winter in the future. Whether it can survive depends on whether the governments of various countries can solve the regulatory problems as soon as possible. If not, there will be a large number of banks unable to withdraw cash. Turning virtual currency into a bunch of worthless numbers.

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