Federal Reserve Proposes Customer Identification Requirements for Payment Stablecoin Issuers

According to the Federal Reserve's official website, the Federal Reserve Board, together with four other federal agencies, recently proposed a requirement that payment stablecoin issuers establish and maintain customer identification procedures (CIP). The proposed rule would subject stablecoin issuers to customer identification standards similar to those applied to banks and credit unions. The public comment period runs for 60 days from the proposal's publication in the Federal Register.
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