Three federal agencies of the United States government outlined the risks facing banks if they decide to custody crypto on behalf of their clients, according to a document published jointly by the agencies on Monday.

While the announcement said that the document “does not create any new supervisory expectations,” it could provide a framework for banks that are considering entering the crypto space, as some reports have suggested they are.

According to the document, titled “​​Crypto-Asset Safekeeping by Banking Organizations,” a bank’s risk assessment would include the ability to understand a complex and evolving asset class; the potential of liability if crypto assets were lost; and legal and compliance responsibilities…