The Office of the Comptroller of the Currency (OCC) has just issued Interpretive Letter No. 1184, affirming that national banks and federal savings associations have the authority to buy/sell cryptocurrency assets at the request of customers, while also allowing the outsourcing of custody services and executing transactions for third parties.
Permitted Service Scope
1. Custody & Trading:
Banks can hold (custody) and execute the buying/selling of crypto, including stablecoins and other tokens, at the direction of customers.
2. Ancillary services:
Payments, settlements
Recordkeeping
Valuation
Tax reporting
All must comply with current banking laws and agreements with customers.
Risk Management Regulations
When outsourcing to third parties, the bank remains responsible for overseeing the entire operation, ensuring that the partner applies strict risk controls and complies with legal regulations.
All services related to cryptocurrencies must be conducted 'safely, soundly, and legally' under federal trust regulations (Section 9 or 150) if the bank acts as a trustee.
Meaning and Impact
Eliminate legal ambiguity: Previously, banks were unclear whether they could proactively buy/sell custody crypto. Now, new guidelines create a clear legal basis for these services.
Enhance trust: Customers will feel safer transacting crypto through supervised financial institutions rather than seeking out 'gray' exchanges.
Activate innovation: Banks can expand products, adding custody services, crypto lending, and payments without having to 'build from scratch.'
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*Note: This article is for informational purposes only regarding policy. It is not investment or legal advice.*