OCC Allows Banks to Offer Crypto Custody & Execution Services
The Office of the Comptroller of the Currency (OCC) confirmed on May 7 that federally chartered banks and savings associations are now allowed to offer crypto services, such as custody and execution, including through third-party providers.
This is elaborated in the Interpretive Letter 1184 and extends prior guidance to make it clear that banks can engage in the business of digital assets as long as they meet certain risk management and legal requirements.
The OCC also explained that institutions can engage in buying and selling of assets on behalf of customers and outsourcing other crypto-related services such as custody and trading.
However, these activities must be governed in the same way as financial services, such as due diligence,…
