FDIC tightens compliance rules for stablecoin issuers

The U.S. Federal Deposit Insurance Corporation (FDIC) has released new regulations outlining compliance standards for stablecoin issuers under the Bank Secrecy Act (BSA) and economic sanctions rules. According to the new provisions, stablecoin issuers must comply with all relevant laws, including those for Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), economic sanctions programs, and various reporting requirements. These obligations also cover rules from the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC).