Based on the considerations raised, there could be potential for cryptobanks licensed in Wyoming, specifically Case y Kraken Bank, which have previously submitted applications for access to this type of product.
- FED will issue new guidance for entities interested in master accounts
- There are changes compared to the 2021 version
- There may be an opportunity to Case y Kraken Bank, companies in the crypto sector
La U.S. Federal Reserve (FED) reported today that they will soon be publishing a detailed guide for financial institutions to access their “master accounts”. i.e. the financial accounts managed by the entity to access global payment systems.
This announcement is especially positive for certain companies within the crypto space, for example those that hold statuses that allow deposits for special purposes (SPDI) of Wyoming, as in the case of Case y Kraken Bank, which could access the master accounts and thus leave aside the figure of banks that serve as intermediaries.
In this regard, the Vice-President of the FED, Lael Brainard, comentó:
“The new guidelines provide a consistent and transparent process for evaluating account an account is essentially a whose purpose is to track the financial activities of a specific asset/ applications to the Federal Reserve, as well as access to payment services to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. safe, inclusive, and innovative systems.”
On the new guide to be presented by the FED
According to published information through the middle CoinDesk , the new guide to be published soon bears some similarity to the first version presented in 2021, as it will create a multi-tiered system that will allow the FED adapt the evaluation process to grant the corresponding accesses, depending on the type of financial institution making the respective application. The idea is that each level corresponds to a more exhaustive evaluation, which contemplates different requirements.
Tomando en cuenta la guía de 2021:
- At Level 1 are federally insured banks.
- At Level 2 they are not insured by the government, but are subject to prudential supervision by a federal banking regulator.
- At Level 3 go companies that are not federally insured, without prudential oversight by a federal banking agency, a category in which Wyoming cryptobanks apply.
The revisions submitted to this guide raised some interesting changes, among which the FED report:
“Many commenters, on the other hand, recommended that the Proposed Guidelines should provide a more challenging path for institutions with novel charters to gain access to accounts and services. Many of these commenters argued that the Proposed Guidelines should subject non-federally insured institutions to the same types of requirements that apply to federally insured depository institutions, regardless of the institution’s business model.”
It is worth noting that in 2021, both Case like Kraken requested access to the master account, but this occurred shortly before the FED publicase su propuesta ese año, por lo que su proceso se fue dilatando más de lo debido.
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Article by Angel Di Matteo / DiarioBitcoin
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