Regulators Increase Focus on Virtual Currencies as Institutional Interest Grows

Federal regulators have started issuing more guidance to financial institutions on offering new and innovative financial products and services, such as cryptocurrencies, to customers in a safe and sound manner. The increased regulatory interest has become necessary as cryptocurrencies enter mainstream consumer use in the United States. Not only is there expanding institutional support for cryptocurrencies, but surveys estimate that as many as 40 million individual Americans own virtual currencies as well.

In this article, Protiviti’s Tom Crock highlights guidance on cryptocurrency services and explains how finance firms should address new forms of virtual currency.