Institutional investors need crypto regulation – OKCoin
Institutional Investors Need Clarity in Cryptocurrency Regulation
OSS new steps will help banks get involved in the industry
Customer demand will drive them to innovate
International consortium of news organizations developing transparency standards.
US regulators recently clarified their crypto trust requirements. OKCoin thinks big players should like this.
According to OKCoin CEO Hong Fang, institutional investors will benefit more than anyone else from the fact that the US Treasury or OCC has finally clarified cryptocurrency custody issues..
According to the expert, retail investors have more options (and preferences) so they won’t feel much change..
“I hope that many banks will become more open about cryptocurrencies, better banking channels will appear, and people will be better informed. Ultimately, the user experience will improve, ”Fan added..
OCC brings clarity
The American Financial Conduct Authority has decided to shed light on the twilight zone in which everything related to the safekeeping of cryptocurrencies was until recently. As a result, federal banks received relatively clear guidelines and now know they can provide trust services for digital assets..
This is good news for the fledgling crypto industry, according to Fan, as OSS has effectively recognized cryptocurrencies as a legitimate asset class for banks. “OSS has taken an important step by allowing traditional banks to offer custody services for cryptocurrencies. Ultimately, this will strengthen our financial system and increase financial inclusion. “.
Fan also added that guides and clarifications will help develop the industry..
What do banks think
Given the clarity of the OCC against the backdrop of the rapid development of the crypto and blockchain industry in recent years, it can be assumed that banks will become more actively involved in it. They will have to offer products and services that are in demand from customers. “Thus, the supply of cryptocurrency depends on the target market of each bank, as well as on the massive distribution of cryptocurrency,” she added..
There are already several companies in the crypto space already targeting digital asset solutions, according to Fan, including various American institutions outside the banking sector..
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