Cryptocurrencies
Credit Unions Seek Regulator Approval to Hold Crypto Assets
This article is for subscribers only.
Credit unions are looking for approval to hold digital assets like Bitcoin directly, after a federal regulator clarified they can provide cryptocurrency services to customers by partnering with third parties.
The National Credit Union Administration (NCUA) said in a letter published last week that credit unions with federally insured deposits can team up with third-party crypto service providers to allow their members to buy, sell, and hold digital assets--as long as certain conditions are met. The guidance is indicative of a broader trend toward the traditional financial services industry increasingly embracing digital assets as the space grows and matures.