OCC Authorizes Banks to Offer Crypto-Asset Custody Services
The Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1184 on May 7, 2025. Key points include:
- National banks and federal savings associations can offer crypto-asset custody and execution services.
- These services include buying and selling assets held in custody at the customer's direction.
- Outsourcing these activities to third parties is permitted, with necessary risk management practices required.
- This letter builds on previous guidance from Interpretive Letters 1170 and 1183 regarding banks' authority in crypto-asset activities.
- All activities must comply with applicable laws and be conducted safely.