The OCC to Host Symposium on Tokenization in 2024
The United States Office of the Comptroller of the Currency (OCC) is planning to host a symposium on tokenization in February 2024. The event aims to spark a public conversation about the potential of tokenizing real-world financial assets and liabilities, with a focus on responsible innovation. Acting Comptroller Michael Hsu emphasizes the distinction between crypto and tokenization, stating that while crypto is associated with speculative gains, scams, and compliance issues, tokenization is driven by solving settlement problems and can be developed in a safe and compliant manner.
Keynote Remarks and Panel Discussions
The symposium will feature keynote remarks from Hyun Song Shin, economic adviser and head of research at the Bank for International Settlements. Panel discussions will cover topics such as the legal foundations for tokens, use cases for tokenization, risk management considerations, and economic research related to tokenization. The OCC plans to livestream the event and will provide registration forms on its website in late 2023.
OCC’s Stance on Crypto
The OCC has consistently discouraged banks from getting involved with cryptocurrencies through interpretive letters. Earlier this year, it issued a joint statement with two other bank regulatory agencies warning about the potential risks associated with crypto. In March 2023, the OCC established its Office of Financial Technology to enhance its focus on technology and keep up with developments in the banking industry.
Hot Take: Exploring Tokenization’s Potential
The OCC’s upcoming symposium on tokenization demonstrates its commitment to fostering responsible innovation and exploring the transformative potential of tokenizing real-world assets. By focusing on legal frameworks, use cases, risk management, and economic research, this event aims to facilitate a deeper understanding of tokenization and its applications in the financial industry. Through open dialogue and collaboration, the OCC seeks to shape the development of tokenization in a safe, compliant, and beneficial manner.
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