US banks can handle customer crypto assets held in custody, regulator confirms
The US Office of the Comptroller of the Currency (OCC) confirmed that banks can trade cryptocurrency on behalf of customers and outsource certain crypto activities to third parties. Banks and federal savings associations are allowed to buy and sell crypto held in custody at customer direction. They can also outsource permissible crypto activities, including custody and execution services, while ensuring compliance with applicable laws. The OCC previously eased restrictions on banks' engagement with crypto, allowing for crypto-asset custody and participation in distributed ledger networks. Industry leaders view this as a positive shift towards integrating crypto within banking frameworks, providing regulatory clarity and reducing risks for banks. The OCC operates under the US Department of the Treasury, overseeing national banks and foreign bank branches. Recent regulatory changes reflect a more favorable attitude towards cryptocurrency under the current administration.
