OCC reaffirms banks’ authority to offer crypto services without prior approval
The Office of the Comptroller of the Currency (OCC) clarified on May 7 that federally chartered banks and savings associations may offer crypto services, namely custody and execution, including through third-party providers, provided they adhere to sound risk management practices and legal compliance.
The clarification, issued through Interpretive Letter 1184, confirms and expands on earlier guidance related to crypto activities.
The OCC stated that institutions may buy and sell assets held in custody at the customer’s direction and outsource crypto-asset functions, including custody and trade execution services, to third parties.
These activities remain subject to the same oversight and operational standards applied to traditional…
