Draft El Salvador Bitcoin banking regulations released
El Salvador’s Banco Central de Reserva has released two documents detailing how banks should deal with Bitcoin. The central bank of El Salvador, Banco Central de Reserva (BCR), has published draft regulations on how banks should handle Bitcoin.Two documents were released for consultation on Aug. 17 instructing banks and financial institutions how to offer Bitcoin-related services to their customers.The first, titled “Guidelines for the Authorization of Operation of the Digital Wallet Platform for Bitcoin and Dollars” (in Spanish), defines BTC as legal tender according to the recently....
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The Conference of State Banking Supervisors (CSBS) recently released their “Draft Policy on State Virtual Currency Regulation.” The CSBS is a nationwide organization of banking regulators from all fifty US states, the District of Columbia, Puerto Rico, and the US Virgin Islands who supervise 5,400 state-chartered financial institutions with a combined US$4.2 trillion in assets. The CSBS is not a government agency. It is a confederation of regulators that work for various state agencies but is not itself under legislative control. Instead it is defined as a non-profit organization founded....
The US Conference of State Bank Supervisors (CSBS) has released the final version of its model regulatory framework for digital currencies. The organization, comprised of representatives from state-level banking regulatory bodies, released an initial draft version of its proposed digital currency regulations in December. The draft drew from comments made during a subsequent two-month comment period in which both the digital currency ecosystem as well as financial incumbents were able to weigh in on the proposal. While the framework is only a recommendation - state bank regulators can use....
A crypto bill that industry advocates previously said would “kill DeFi” has seen an updated draft released online with one commentator saying the U.S. is “finally getting their act together.” A new draft of the Digital Commodities Consumer Protection Act (DCCPA) bill has started to circulate online, with some commentary suggesting it could be positive for decentralized finance (DeFi) and crypto.A prior draft version of the bill drew heavy criticism from industry representative bodies for containing too broad a definition for a “digital commodity platform,” which “could be interpreted as a....
The American Bankers Association (ABA) has called for the creation of a national database of digital currency companies and exemptions for banks from future licensing requirements. The proposals were outlined in a 16th February letter sent to the Conference of State Bank Supervisors (CSBS), an organization made up of state banking regulators that released a draft framework for digital currency licenses in December. The licensure framework approach is being adopted by New York and is under discussion by other US states like New Jersey. The CSBS has also held hearings on the subject of....
The top U.S. banking regulator is concerned that the Biden administration may roll back some cryptocurrency regulations aimed at protecting consumers. This includes allowing national banks to custody crypto assets put in place during the Trump administration. Biden Administration Could Change US Crypto Regulations Acting Comptroller of the Currency, Brian Brooks, shared several concerns regarding cryptocurrency regulations in an interview with CNBC last week. Brooks is the administrator of the federal banking system and chief officer of the Office of the Comptroller of the Currency (OCC).....