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The Federal Reserve, in conjunction with multiple agencies, solicits public comments on the proposal regarding customer identification requirements for payment stablecoin issuers
BlockBeats News, June 18 — According to the Federal Reserve's official website, the Federal Reserve Board has publicly solicited comments on a proposal that would require certain stablecoin issuers to establish and maintain effective customer identification programs (CIP). This proposal was jointly issued by the Federal Reserve and four other agencies.
According to the proposal, relevant stablecoin issuers must comply with customer identification standards similar to those of banks and credit unions. The comment period is 60 days after the proposal is published in the Federal Register.