FDIC says banks can be included in crypto activities without prior approval

By Pete Schroeder

Washington (Reuters) – It found that the American banking regulator announced that banks do not have to receive a pre-permit for inclusion in some crypto-related activities.

The Federal Corporation for Deposit Insurance announced on Friday to participate in legally permitted activities, including those involving cryptocurstity, without receiving regulation approval and as appropriate to manage their risks.

The movement reverses the previous policy of FDIC, which are required by banks to clear any crypt’s activities.

“FDIC turns the page about the wrong approach in the past three years,” said DDIĆ President Padić a hill in the statement, adding that there will be additional moves in the future to clarify bank engagement with cryptological products and services.

The FDIĆ’s move comes after the second bank regulator, the Company Office of Currency, similarly moved to move in to the CRIPTO sector.

(Reporting Doin Chiacu and Pete Schroeder; Editing by Jan Harvey)