The United States Federal Reserve has announced its final guideline that might grant cryptocurrency banks access to the banking system. The Central bank will set up a three-tiered system for determining access.
As part of the guideline, institutions with novel financial products will have access to the fed’s “master accounts” and payment services.
In a statement, Fed Vice Chair Lael Brainard said, “The new guidelines provide a consistent and transparent process to evaluate requests for Federal reserve accounts and access to payment services in order to support a safe, inclusive and innovative payment system.”
KEY TAKEAWAYS
-
The Federal Reserve has released the final guideline that might grant crypto bank access to its “master account.”
-
Access from the Fed will allow financial institutions to provide crypto and traditional banking services.
-
The guideline includes a three-tiered system that evaluates the risk levels.
-
With Federal Reserve approval, cryptocurrency banks will no longer require partnerships with traditional banks that have typically served as their intermediaries.
