Cryptocurrencies under control: US Banks Introduce new storage standards

Financial regulators have lifted restrictions that prevented American banks from entering the crypto market. The new rules require banks to fully control private keys, excluding their transfer to customers to prevent asset theft. 

Banks are required to implement risk management systems that comply with federal standards to protect themselves from cyber attacks and ensure the stability of operations, including plans in case of technical failures.

Particular attention is paid to compliance with anti-money laundering and terrorist financing regulations. Credit institutions should carefully check customers and monitor suspicious transactions, promptly reporting them to the supervisory authorities.

Banks are required to provide sufficient operational capacity and reliable mechanisms for the safe storage of digital assets. Custodial storage services are prohibited without the appropriate knowledge and skills of employees. In addition, banks can cooperate with subcastodians and external technology providers, but they remain fully responsible for such interactions.