In a significant shift for the banking sector, recent regulatory rollbacks have opened the doors for major financial institutions like Citi to engage more actively in the digital asset market. The source notes that this change is poised to reshape the landscape of cryptocurrency services offered by banks.
Regulatory Changes by the Federal Reserve
The Federal Reserve, along with the FDIC and the Office of the Comptroller of the Currency, has eliminated previous regulations that mandated banks to obtain prior approval before providing cryptocurrency services. This regulatory easing is expected to foster innovation and competition within the digital asset space.
Impact on Banks and the Crypto Market
As a result, banks are likely to increase their participation in the crypto market, potentially leading to a surge in new products and services tailored to meet the growing demand for digital assets. Industry experts believe that this move could significantly enhance the legitimacy and acceptance of cryptocurrencies among traditional financial institutions.
In light of recent regulatory changes in the banking sector, Bybit has launched its Fiat ARS Campaign in Argentina, aiming to boost local engagement in the crypto market. For more details, visit read more.
