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OCC Says Banks Can Engage in Riskless Crypto Transactions

Crypto News

The Office of the Comptroller of the Currency (OCC) published an interpretive letter Tuesday (Dec. 9) saying it confirmed that banks can engage in permissible activities related to riskless principal transactions in crypto assets.

The regulator’s Interpretive Letter 1188 confirmed that national banks can engage in these transactions as part of the business of banking, the OCC said in a Tuesday press release.

“Such transactions involve a bank acting as a principal in a crypto-asset transaction with one customer while simultaneously entering into an offsetting transaction with another customer,” the regulator said in the release. “The bank serves as an intermediary and does not hold the crypto-assets in inventory, instead acting…

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