Regulators slowly open cryptocurrency markets, prioritizing transparency over closure

The U.S. Currency Complaint (OCC) is cautiously optimistic about cryptocurrencies, acknowledging the growing demand for crypto services by banks and the need to develop meticulous regulatory measures. While focusing on risks, the institution also highlights innovation opportunities, encouraging banks to explore custody and payment services, and emphasizes the adjustment of existing federal regulations to apply to cryptocurrencies without compromising consumer protection. The OCC is reviewing the legal framework, including anti-money laundering (AML) and Understanding Your Customer (KYC) applicability, and highlights the importance of regulatory clarity in supporting cryptocurrency applications. The OCC also recognizes the potential of blockchain in enhancing the financial system and urges responsible experiments.