Fed teases master accounts for crypto banks: Law Decoded, Aug. 15-22
The new guidelines from the Federal Reserve hold a prospect of “the most stringent review” for non-federally insured institutions. Last week, the United States Federal Reserve Board turned its eye to banks and crypto, making (or promising to make) several clarifications, one of them pretty long-awaited. It announced that the final version of guidelines for reserve banks to access Reserve Bank master accounts and services is ready. For crypto, these guidelines hold a prospect of “the most stringent review,” to which non-federally insured institutions that do not have a holding company....
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Determining the future of who can and cannot custody crypto and how much you need to know about them remains a central topic of discussion. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law.Editor’s noteLast week’s Law Decoded sounded the alarm on threats to self-custodial wallets in the U.S. in particular. While such concerns have continued to take shape, nothing concrete has emerged from the U.S. Treasury, which was at the heart of last week’s conversation.Though I don’t like to recycle themes, it seems a reasonable....
Popular cryptocurrency exchange BTC-e announced via their website this week that they are now offering traders their new PAMM service, a first in the sector. PAMM - or Percent Allocation Management Module - will allow BTC-e investors to follow the trading strategies (using a slave account) of both professional and experienced traders (a master account). Over the past several years PAMM technology has been extensively used by traders in the currency exchange markets. It is a proven and effective instrument for money management, investments and strategy copying. BTC-e is the first....
Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This Week Fed to issue long-awaited guidelines for granting master accounts to crypto banksCryptos continued journey into the mainstream has come with various levels of regulatory action across the globe. This week brought clarity in terms of expectations for crypto-focused banks seeking accounts with the United States....
Chile’s Free Competition Defense Court (TDLC) ruled in favor of the Latin American cryptocurrency exchange Bud after their checking accounts were closed by two major banks in the midst of a lawsuit related to a Ponzi scheme unrelated to the exchange. Chilean Court Rejected Petitions From Two Banks to Keep Checking Accounts Closed From Crypto Exchange Buda According to Diario Financiero, the TDLC decided that Banco Itaú and BancoEstado should keep open Buda’s bank accounts, which were shut down in 2018 during an investigation of a bogus company named Terra Finance that....
“Crypto-friendly” banks in Portugal have started deactivating accounts of digital currency exchanges, which could be a sign of things to come. Banking giant Banco Comercial Portugues, the largest publicly traded bank in Portugal, terminated all of the accounts of the Lisbon-based crypto trading platform CriptoLoja last week. The CEO and founder of the exchange, Pedro […]