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ARTICLE · 15 APRIL 2022

FDIC Requires Reporting Of Crypto-Related Activities

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Any Federal Deposit Insurance Corporation (FDIC)-supervised institution that is considering engaging in crypto-related activity must now notify the FDIC of its intent and provide all necessary information...

United StatesTechnology
Christina Grigorian
Christina Grigorian
Daniel J. Davis
Daniel J. Davis
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Any Federal Deposit Insurance Corporation (FDIC)-supervised institution that is considering engaging in crypto-related activity must now notify the FDIC of its intent and provide all necessary information to create a dialogue with the agency about the risks related to such activity.

This requirement follows the FDIC's issuance of a financial institution letter (FIL) on April 7 to all FDIC-supervised financial institutions (namely, state-chartered banks that are not members of the Federal Reserve System) requiring notification to the agency if the institution is engaged or intends to engage in crypto-related activities. "Crypto-related activities" are defined in the FIL as "acting as crypto-asset custodians; maintaining stable coin reserves; issuing crypto and other digital assets; acting as market makers or exchange or redemption agents; participating in blockchain- and distributed ledger-based settlement or payment systems, including performing node functions; as

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