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One risk facing banks that custody crypto is the potential for liability if crypto assets are lost, according to three US financial agencies.<\/p>\n
Three federal agencies of the United States government outlined the risks facing banks if they decide to custody crypto on behalf of their clients, according<\/a> to a document published jointly by the agencies on Monday.<\/p>\n While the announcement said that the document \u201cdoes not create any new supervisory expectations,\u201d it could provide a framework for banks that are considering entering the crypto space, as some reports have suggested they are.<\/p>\n According to the document, titled \u201c\u200b\u200bCrypto-Asset Safekeeping by Banking Organizations,\u201d a bank\u2019s risk assessment would include the ability to understand a complex and evolving asset class; the potential of liability if crypto assets were lost; and legal and compliance responsibilities associated with the Bank Secrecy Act and Anti Money Laundering regulations.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n