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The American Office of the Comptroller of the Currency (OCC) has changed its stance on cryptocurrencies in banking, allowing banks to buy and sell cryptocurrencies held in custody on behalf of their customers.

This marks a departure from previous resistance and is part of updated policy aimed at facilitating banks' participation in cryptocurrency custody services.

The OCC's explanation, published on Wednesday, expands the range of services that banks can offer, including the ability to outsource custody and execution services for cryptocurrencies to third parties. However, these services must meet the OCC's stringent safety and soundness criteria to ensure proper oversight and risk management.