CRYPTO WEEK: BANKS CAN NOW STORE CRYPTO
In the United States, the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) announced on the first day of 'Crypto Week' that they have granted banks permission to store crypto assets. The statement noted that this permission does not introduce a new regulation, and compliance with the existing legal framework and risk management rules is required.
Banks must control the customer's cryptographic private keys themselves; unilateral access by the customer or third parties must be prevented, and in case of key loss or unauthorized access, banks will be held directly responsible. Additionally, a thorough risk assessment in critical areas such as cybersecurity, technological infrastructure, personnel competence, volatility, AML/CFT/OFAC compliance, and internal audit processes was requested.
It is possible to work with third-party or sub-custodial institutions; however, in this case, banks are obligated to oversee the selected service provider and clearly define their responsibilities. Furthermore, it was emphasized that customer notifications should be clear and transparent, and that responsibilities should be detailed in the contract.
As a result, while U.S. regulators give banks the green light for crypto custody, they require that this service be provided in a safe, transparent, and regulatory-compliant manner. This step creates an important bridge between traditional finance and the crypto ecosystem.
