OCC Allows Banks to Buy and Sell Customer Crypto Assets in Custody
The U.S. Office of the Comptroller of the Currency (OCC) has shifted its stance on cryptocurrency in banking, allowing national banks to buy and sell crypto assets for customers. Key points include:
- Banks can engage in custody services for crypto assets.
- They can outsource crypto activities to third parties, including custody and executive services.
- The OCC emphasizes compliance with safety and soundness requirements.
- This follows a reversal of a previous policy requiring banks to consult government supervisors before initiating new crypto businesses.
- The change indicates a melding of crypto services into traditional banking frameworks.
This new guidance is viewed positively by regulated crypto service providers.