Crypto Asset Rules Established for Banks from British Regulator in Memo

The British regulator, the FCA management, has developed recommendations for banking institutions on the rules of working with cryptocurrencies. This reminder, according to officials, will help reduce the risks that are typical for digital currencies. In its message, FCA noted that when servicing clients that are related to cryptocurrencies, banks need to develop an individual approach, since the risks associated with carrying out such operations may vary, depending on the situation.

“Individual attitude, taking into account the high likelihood of risky operations, should not mean a cautious approach to all customers who conduct transactions with digital assets. We expect that banks will understand and be able to deal with the risks that are inherent in transactions in this area. It is important to understand that transactions that are conducted in a particular category may have a different degree of risk, depending on the specific circumstances. The banks should be able to recognize this and draw the right conclusions”, the FCA said.

In addition, the regulator is urged to raise the level of understanding of the cryptocurrency sphere by bank employees. This will help them communicate with customers better and avoid possible misunderstandings in the simplest and safest situations.

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