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OCC issues letter regarding banks' crypto custody services

Thursday 23 July 2020 10:14 CET | News

US-based bank regulator OCC has posted a letter clarifying national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers. 

Recently, the Office of the Comptroller of the Currency (OCC) has issued several forwarding thinking statements regarding fintech innovation and the banking sector. The comments regarding cryptocurrency address a pointed aspect pertaining to digital assets and the broader utilisation in markets. According to the OCC, national and state banks and thrifts have long provided safekeeping and custody services. 

The OCC says it has specifically recognised the importance of digital assets and the authority for banks to provide safekeeping for such assets since 1998. The OCC concludes that providing cryptocurrency custody services, including holding unique cryptographic keys associated with cryptocurrency, is a ‘modern form of traditional bank activities related to custody services’, according to crowdfundinsider.com.

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Keywords: Office of the Comptroller of the Currency, OCC, US, United States, national banks, federal savings associations, cryptocurrency, crypto, custody services, fintech, innovation, banking, digital assets, state banks
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies