One thing that has gone on in the crypto market in the past few years is that authorities have always discriminated against crypto investments and businesses across America. But it looks like crypto traders and investments in the United States America will have a breather from financial institutions after this recently reported action from the United States Office of the Comptroller of Currencies.
Going by the reports, the United States OCC has just issued a regulatory proposal that will ensure that discriminatory practices against crypto businesses and investments are banned. In the submitted proposal, the Office of the Comptroller of Currency in the United States mentioned that it wants crypto investments to enjoy the same privileges that other investments enjoy.
The US OCC wants financial houses to evaluate all firms equally
According to the OCC’s submitted proposal, one such privilege was owning a bank account for their businesses or operations in the country. With this move, the OCC says it wants to end the discrimination against crypto firms occurring for the past few years. Even though the body stressed the discrimination as silent, it notes that crypto investments are encouraged to speak up in the face of any bias. In the US OCC’s statement, regulators and financial houses should endeavor to make their research and findings of any crypto-related business dealings instead of generalizing all their actions.
Notably, crypto ventures worldwide have always had a hard time due to the discriminatory stance against them from other entities. In the proposal submitted by the US OCC titled Fair Access to Financial Services, the regulatory body wants to evaluate businesses in the crypto space better. According to the OCC, banks should not generalize when providing their services to crypto-related companies but should conduct a thorough investigation and evaluation.
Crypto regulations still undefined in most countries
The United States OCC has also mentioned that financial institutions must provide a basis that would serve all the firms and not compromise their stance while using a broad generalization to dismiss some businesses. Even though crypto assets are now gaining mainstream adoption, digital assets regulations are still in grey areas in most countries across the world. Crypto regulation now looks like a big deal globally as lawmakers continue to issue laws and frameworks to govern the crypto space.
Presently, most countries worldwide have still not drummed up a precise regulation for crypto-assets and businesses in the sector. Analysts have noted that the major reason regulating the space in most countries has grown increasingly tricky is that regulators are trying to ensure the laws favor the general public. Lawmakers and regulators began attaching importance to the crypto industry after Facebook launched Libra, a stablecoin project last year.