Credit Unions looking for Regulatory Approval to hold Crypto Assets

Credit Unions around the United States of America are looking for approval to hold crypto assets including bitcoin, following the regulatory clarification that they can offer services related to cryptocurrency by teaming up with third parties. 

The National Credit Union Administration published a letter saying that the federally insured crypto unions can work with third-party providers to allow the trading of crypto assets under certain conditions. 

Lance Noggle, senior director of advocacy for payments and cybersecurity at the Credit Union National Association said that the credit unions are focused on providing services to their members directly.

The cryptocurrency market has been evaluated this year, in terms of its valuation as the adoption of crypto services and exposure to retail investors has increased. The value of the crypto market is around $2.4 trillion.