Fed to issue long-awaited guidelines for granting master accounts to crypto banks

$Bitcoin (BTC.CC)$ The United States Federal Reserve Board announced Monday that it had finalized its guidelines for the factors reserve banks are to consider when reviewing requests for Federal Reserve accounts and payment services. The guidelines create a three-tiered review framework with the level of due diligence to be provided, depending on the applicant’s risk level.
Guidelines were first proposed in May 2021, with a supplemental proposal released in March, and the final guidelines, which come into force after their publication in The Federal Register, are “substantially similar” to them. The Fed said in a statement that: “Institutions that engage in novel activities and for which authorities are still developing appropriate supervisory and regulatory frameworks would undergo a more extensive review.”
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