January 03, 2023
Agencies Issue Joint Statement on Crypto Asset Risks for Banks
- Board of Governors of the Federal Reserve System
- Federal Deposit Insurance Company
- Office of the Comptroller of the Currency
For release at 2:00 p.m. EST
The Bundesbank regulators today issued a statement highlighting the key risks facing banking organizations related to crypto assets and the crypto asset sector, and describing the regulators’ supervisory approaches in this area.
Specifically, the statement details several key risks related to crypto assets and the crypto asset sector, as evidenced by the significant volatility and vulnerabilities over the past year. Given these risks, the agencies continue to take a cautious and cautious approach to current and proposed crypto-asset-related activities and exposures to banking organizations. The agencies continue to assess whether or how current and planned crypto-asset-related activities can be conducted by banking organizations in a safe and sound, legally permissible and in compliance with applicable laws and regulations, including those protecting consumers.
The agencies will continue to closely monitor crypto-asset-related engagements by banking organizations and, where warranted, issue additional statements related to banking organizations’ engagement in crypto-asset-related activities.
Last update: January 03, 2023