Fed Reveals Guidelines for Crypto Banks Who Want to Open ‘Mast | CryptoExplorer ✪

Fed Reveals Guidelines for Crypto Banks Who Want to Open ‘Master Accounts’
The Federal Reserve (Fed)'s governing board has unveiled guidelines that will standardize applications for “master accounts” from institutions “with novel charters,” including “cryptocurrency custody banks and their trade associations.” Reserve bank master accounts let institutions gain direct access to the Fed’s payment systems. Without this access, firms must team up with partner banks who have master accounts. A number of United States-based crypto custody banks have been pushing for direct master bank access for several years – and appear keen to do away for the need for intermediary partnerships with conventional banks. Read more