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The Office of the Comptroller of the Currency (#OCC ), the American banking regulatory authority, issued Interpretive Letter No. 1188 confirming that domestic banks can intermediary in cryptocurrency transactions through what is known as "riskless principal" transactions, where the bank purchases from one party and immediately resells to another client without holding its position in its wallet 🏦.
Practically, this allows banks to buy and sell #البيتكوين and other cryptocurrencies for their clients within the regulated balance sheet of the traditional banking system, provided they adhere to security, risk management, and compliance rules imposed by the regulatory authority ⚖️
This is another step toward integrating #Bitcoin with the American financial system, bringing banking services for individuals closer to the cryptocurrency market and strengthening the sector's position ₿ 🚀
#FOMCWatch #ETHBreaksATH
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