The OCC has released guidance enabling national banks and federal savings associations to engage in crypto-asset custody and trading services through Interpretive Letter 1184. This move allows banks to buy and sell digital assets at customer direction while outsourcing related activities to third parties, ensuring that appropriate risk management practices are followed. With this, banks can now participate more actively in the growing cryptocurrency market comprising over 50 million Americans. Rodney Hood highlights this shift as a significant transformation in financial services, reinforcing the need for safety and compliance in these new activities.
The OCC confirms national banks can engage in crypto-asset custody and trading, enabling banks to actively enter the growing cryptocurrency market while managing risks.
Rodney Hood stated this digitalization of financial services is a transformation, allowing banks to provide secure storage for cryptocurrencies like Bitcoin.
Banks can buy and sell cryptocurrencies for customers while ensuring they implement proper risk management practices when outsourcing services.
The OCC expects all cryptocurrency-related activities to be carried out safely and in compliance with applicable laws, underpinning consumer protection.
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