The U.S. Office of the Comptroller of the Currency (OCC) published a letter on January 4, 2021 (January 2021 Letter) clarifying the authority of national banks and thrift institutions (collectively, Banks) to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. The January 2021 Letter follows a September 21, 2020 letter from the OCC (see our post here) which concludes that Banks may hold “reserves” on…
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- In One of the Last Acts under Comptroller of the Currency Brian Brooks, the U.S. OCC Clarifies that Federally Chartered Banks and Thrift Institutions May Participate in Independent Node Verification Networks and Use Stablecoins for Payment Activities
- India Weighs 18% Tax on Bitcoin Trades
- Bitcoin Hits All-time High While FCA Establishes Temporary Regime for Crypto-business in UK
- US FinCEN Intends to Require U.S. Persons to Report Interests in Non-US Crypto Accounts
- New York Approves Launch of First Japanese Yen Stablecoin
- SEC Obtains Emergency Asset Freeze Against Crypto Fund Manager
- SEC Settlement with Tierion Requires Repayment to TNT Token Purchasers
- U.K. Law Commission issues call for evidence on smart contracts
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