18 Questions
What service is BNY Mellon planning to provide in the cryptocurrency space?
Custody virtual assets
Which financial institution offers both crypto trading and custody services?
BBVA Bank
What risk do banks face according to the OCC regarding cryptocurrency custodianship?
Increased regulatory scrutiny
How do criminals utilize VASPs to move illicit funds according to the text?
Send illicit funds to bank accounts of money launderers
What additional obligations do cryptocurrency custodians face compared to traditional custodial services?
Need for additional tools and understanding of AML
Which institution is adding cryptocurrency features to Venmo and select international markets in 2021?
PayPal
What is a key aspect that banks offering custodial services for cryptocurrencies must comply with?
Implementing due diligence processes
Why is it inadequate to rely solely on a name-based system to monitor cryptocurrency exchanges?
It may miss a significant percentage of exchanges and transaction volume
What is a common challenge faced by banks embracing cryptocurrency custodial services?
Ensuring effective infrastructure to mitigate hacking and fraud
What percentage of cryptocurrency exchanges may be missed by a typical name-based monitoring system?
Up to 70%
What led to a 67% reduction in criminal crypto money service operators for a top bank after implementing CipherTrace?
Monitoring for virtual currencies in payment networks
Why do many exchanges not operate under their popular names according to the text?
To avoid detection by regulatory bodies
What industry trend is exemplified by Fidelity Digital Assets creating a crypto fund?
Custodial Services
Which regulatory body refers to 'Virtual Currency' in the context of cryptocurrencies?
EU MLD5
What does OCC stand for in the context of cryptocurrency regulations?
Office of the Comptroller of the Currency
Coinbase and Gemini are examples of:
Fiat-to-Crypto Exchanges
What term do regulators at the U.S. Commodity Futures Trading Commission (CFTC) use to refer to cryptocurrencies?
Digital Asset
'Anchorage became the first national bank for digital assets' relates to which industry trend?
Banks Embracing Cryptocurrency Custodial Services
Explore how major banks like PayPal, BNY Mellon, Deutsche Bank, BBVA Bank, and BNP Paribas are embracing cryptocurrency custodial services in 2021. Delve into the implications and developments in the banking sector regarding crypto buying, selling, custody, trading, and token issuance.
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