SAFAKNA TURKEY – The US Federal Reserve (FRS), the US Federal Deposit Insurance Corporation (FDIC) and the Office of Money Control (OCC) have issued a joint statement on the risks of crypto assets.
According to Habertürk News, the statement recalled that the emergence of significant security fluctuations and vulnerabilities in the crypto asset sector was noted last year.
It was emphasized that banks should be aware of the fundamental risks associated with cryptocurrencies such as fraud and legal uncertainty.
CONFLICTS WITH THE SAFE BANKING APPROACH
The statement indicated that regulators have serious concerns about the security of banks’ business models that focus on crypto-related activities or have a strong influence on the crypto-asset sector.
The joint statement states that issuing or holding crypto assets on a public or decentralized network may be contrary to safe banking practices.
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