The US plans to apply greater regulations to cryptocurrencies in 2022
In recent years, cryptocurrencies have become a hotly debated topic due to the huge growth that these assets have had. Some countries have decided to allow them, while others have decided to ban them. According to what has been learned, in 2022 the regulators of the United States plan to apply new regulations to this market.
Recently the United States Federal Reserve (FED), the Federal Deposit Insurance Corporation (FDIC) as well as the Office of the Comptroller of the Currency (OCC) announced that it is likely that next year a series of additional regulations will be implemented to those we have today in terms of crypto assets.
On November 23, these three regulatory bodies came to the conclusion that the emerging crypto asset sector may present some risks to banking organizations, as well as to customers and the United States' own financial system.
That is why for next year, these organizations will seek to delve much more into this issue. Therefore, one of the issues to be discussed is the possible inclusion of more regulations on the possession and use of crypto assets. It is even likely that it is about the way in which banks can participate in the custody of cryptocurrencies.
A permit will be needed for banks to trade cryptocurrencies
The cryptocurrency market is a multibillion dollar market, so hopefully there will be banks interested in taking a slice of the cake. However, for those banks that want to offer services related to crypto assets, you must meet some necessary requirements.
As has been learned, the OCC has a new policy in which banks that wish to offer custody of cryptocurrencies must request a special permit from that regulatory body. In this way, they will have to wait for the office to approve the request. Additionally, those banks that wish to offer this service must retain an amount of dollars equal to the amount of cryptocurrencies they have in their custody.
These statements by US institutions come as a result of the criticism that was made to the Treasury Department due to its stance with cryptocurrencies. However, it will not be until next year when the real scope of these measures and the regulations that may apply to crypto assets can be known.
How will these measures affect the price of cryptocurrencies?
It is difficult to predict how the cryptocurrency market will behave, especially since it is not yet known exactly what these measures will be about. Therefore, it is difficult to predict what its impact will be on the market.
At the moment a ban has been ruled out, which could greatly impact the price of cryptocurrencies. However, during the development of next year it will be possible to know what are the regulations that are going to be applied and to see how the market reacts.