OCC finalizes regulatory framework for payment stablecoins, rules take effect Jan 18
OCC Finalizes Stablecoin Framework as January Compliance Date Approaches
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OCC has finalized regulatory rules for payment stablecoin issuers within its jurisdiction, covering reserves, redemption, custody, risk management, capital, reporting, and supervision, and the rules will take effect Jan 18. The framework applies to subsidiaries of national banks and federal savings associations, nonbank issuers seeking federal approval, and certain foreign issuers; the Treasury Department will coordinate a separate rulemaking on BSA, AML, and OFAC sanctions compliance requirements.
The rules bring approval for issuing payment stablecoins, along with responsibilities for reserves, redemption, custody, reporting, and risk management, under a single regulatory framework, with the effective date approaching.
Source:PYMNTS · pymnts.com