The US office of the currency controller (OCC) has confirmed that banks can provide police custody and customer execution services.
National banks and federal savings associations can buy and sell cryptographic assets to the customer. They can also outsource these services to third parties.
American banks can finally offer cryptography services without regulatory obstacles
According to the latest announcement, American banks can offer related services, including asset regulations, business execution, registers’ holding, evaluation and tax reports. These activities must follow applicable laws and customer agreements.
In addition, the OCC has reaffirmed its advice from previous letters, which recognize the care of cryptography as a modern form of traditional bankguard services.
Banks can work with subgardians to store and manage cryptographic assets. However, they must apply strong risk management when they do.
Third -party suppliers must follow appropriate controls to protect customer assets. Banks remain responsible for monitoring all outsourced services.
If a bank acts as a fiduciary, it must respect the federal trustee rules under parts 9 or 150, according to the Charter. Any activity linked to the crypto must be carried out safe, healthy and legal. This applies to direct and third parties.
Overall, the West announcement offers banks a clear legal basis to provide digital asset services in a regulated framework.
Previously, it was not clear if the banks could actively buy or sell cryptographic assets held in detention according to customer instructions. While the guard was authorized, the execution of the professions was a gray area.
This clarity could increase confidence in the Crypto services provided by regulated financial institutions. It also allows banks to meet the demand for crypto without building everything internally.
By confirming this authority, the occurrence supports the adoption responsible for cryptography in the traditional bank. It strengthens the need for customer protection and monitoring. Banks now have a way to extend their cryptography services, provided they effectively manage partners and risks.
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