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SEC Eases Crypto Reporting Requirements for Banks and Brokerages
The US Securities and Exchange Commission (SEC) has decided that banks and brokerage firms no longer have to include their customers’ cryptocurrency holdings on their financial reports. However, to take advantage of the bypass, financial institutions must ensure they manage the risks associated with the crypto asset.
It was revealed in a report by Bloomberg that regulatory officials have started providing guidance that certain arrangements might not need to report cryptocurrency-related liabilities on their financial statements.
It was further stated that large banks that have consulted with the security commission since 2023 received approval to avoid this reporting requirement provided they can ensure that customers’ assets will be protected should any form of bankruptcy occur. The financial watchdog has also demanded that banks take additional safety measures to protect these holdings.
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