US banks can handle customer crypto assets held in custody, regulator confirms — TradingView News
The US Office of the Comptroller of the Currency (OCC) has confirmed banks under its jurisdiction can trade crypto on behalf of customers and outsource some crypto activities to third parties.
Acting comptroller Rodney Hood said in a May 7 letter that banks and federal savings associations can buy and sell crypto they hold in custody at customers’ direction.
The OCC added in a press release that financial institutions can also outsource bank-permissible crypto activities, including custody and execution services, to third parties in compliance with applicable law.
“Additionally, these banks may provide other custody services, including record keeping, tax or reporting services for their customers,” Hood said in a May 7 video posted…
