Federal Reserve Board requests comment on proposal to require certain payment stablecoin issuers to maintain an effective customer identification program

The Federal Reserve Board on Thursday requested comment on a proposal to require certain payment stablecoin issuers to maintain an effective customer identification program. The proposal would introduce requirements for these stablecoin issuers that are comparable to customer identification program requirements for banks and credit unions. The proposal is being issued jointly with four other agencies.

Comments on the proposal are due 60 days after publication in the Federal Register.

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