On May 7, 2025, the American Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1184, which clearly confirms that national banks and federal savings institutions may provide cryptocurrency-related services to customers, including their purchase, sale, and custody of digital assets. Banks also have the right to delegate these activities to third parties, provided they implement appropriate risk management and oversight procedures.
Under the aforementioned letter, banks can offer a full range of services: transaction execution, settlements, record-keeping, valuation, and tax reporting related to cryptocurrency assets. These activities are considered a modern form of traditional custodial activity, as previously confirmed in Interpretive Letter #1170.
Banks that intend to outsource cryptocurrency services to external entities must implement stringent internal controls and third-party risk management processes. In the case of acting in a fiduciary capacity, these institutions are additionally required to comply with federal regulations from Part 9 or 150 of the Federal Regulations Code (12 C.F.R.), depending on the type of bank.
The OCC's statement provides legal clarity and enhances customer confidence in cryptocurrency services offered by regulated financial institutions. Banks in the U.S. now have a stable foundation to expand their offerings to include digital assets while maintaining safety and legal compliance standards.