The Currency (OCC) US office confirmed that banks can provide care and implementation services for customers.
National banks and federal savings associations can buy and sell crypto assets in the customer's direction. They can also outsource these services at third parties.
US banks can offer crypto services without regulatory barriers
According to the latest announcementUS banks can offer relevant services, including regulating ownership, trading implementation, recording, appreciation, and tax reporting. These activities must follow applicable customer laws and agreements.
Also, the OCC re -proved its guide from previous letters, recognizing the caution of crypto as a modern form of traditional bank care services.
Banks can cooperate with sub-custodians to store and manage crypto assets. However, they should apply strong risk management when doing so.
Third-party providers must follow valid controls to protect customer assets. Banks remain responsible for the administration of all outsource services.
If a bank acts in a certain capacity of certainty, it should follow the fiduciary federal rules under parts 9 or 150, depending on the charter. All of the crypto -associated activities should be carried out in a safe, sound, and according to the way. This applies to both services directly and third-party.
Generally, the OCC announcement gives banks a clear legal basis to offer digital asset services within a regulated framework.
Previously, it was unclear whether banks could actively buy or sell crypto assets held in precautions based on customer instructions. While caution is permitted, the implementation of trading is a color -colored area.
This clarity can increase trust in crypto services provided by regulated financial institutions. It also allows banks to deliver crypto demand without building everything indoors.
By confirming this authority, the OCC supports the responsible adoption of crypto with traditional banking. It reinforces the need for customer protection and administration. Banks now have a path to expand their crypto services, provided they manage partners and risks effectively.
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