The Federal Reserve Board proposes requiring certain payment stablecoin issuers to establish customer identification programs

The Federal Reserve Board has proposed requiring certain payment stablecoin issuers to establish effective customer identification programs. The proposal mandates stablecoin issuers to implement customer identification requirements comparable to those imposed on banks and credit unions. This proposal was jointly issued by the Federal Reserve Board and four other agencies. The public may submit comments within 60 days after the proposal is published in the Federal Register.