Guidance for Digital Assets/Virtual Currency - Credit Unions

<< All News Wednesday, June 8, 2022 - 12:40 pm

In response to many requests for information, the Department is providing this guidance to assist you when you consider providing digital asset and virtual currency services. This guidance is limited to address the most frequently asked questions we receive. This guidance is neither legal advice nor a comprehensive guide on all aspects of digital assets/virtual currencies. The Department Recognizes that this is a quickly evolving area and that Federal oversight, regulation, or additional guidance may be forthcoming. Therefore, the Department may rescind or revise this guidance on short notice. The information herein is based on what is currently known and considered, and although the Department is aware of uncertainties involved, especially when it comes to Federal regulatory actions, the Department believes it is important to provide timely information to help state-chartered credit unions meet members' needs consistent with safe and sound principles. The Department does not encourage or discourage a credit union's involvement in the virtual currency market, rather we are issuing this guidance to help ensure risks are considered and mitigated. This document contains the Department's current understanding of these risks. Any credit union intending to engage in, or currently engaged in, activities involving or related to digital assets should consult its legal counsel and Federal regulator. As with any activity, credit unions must have procedures in place to appropriately measure, monitor, control, and mitigate potential risks. Guidance for Digital Assets/Virtual Currency

<< All News