The regulator of the United States' largest mortgage provider has ordered that cryptocurrencies be listed as mortgage assets.

The order directs Fannie Mae and Freddie Mac to develop proposals that include digital assets — without requiring borrowers to convert them into U.S. dollars before loans close.

According to an announcement made on Monday by its new director, Bill Pulte, the US Federal Housing Finance Agency (FHFA) will begin a formal review of how crypto holdings could be factored into mortgage qualification processes.