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Federal Reserve issues guidance for banks considering crypto activities

WASHINGTON, Aug 16 (Reuters) - The U.S. Federal Reserve on Tuesday issued additional guidance for banks considering activities involving cryptocurrencies, emphasizing that firms must notify the Fed beforehand and make sure whatever they do is legally permitted.

The Fed said in a statement that while cryptocurrencies can present "potential opportunities" to banks, firms need to make sure they have systems in place beforehand to ensure the volatile assets do not threaten safety and soundness or consumer protections. (Reporting by Pete Schroeder Editing by Chris Reese)