22 Jul OCC – Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets
July 22, 2020 – OCC published a letter clarifying that national banks and federal savings associations may provide custody services for cryptocurrency assets for customers.
Concluded that providing crypto custody services, including holding unique cryptographic keys associated with cryptocurrency, is a modern form of traditional bank activities. Cryptocurrency custody services may extend beyond passively holding keys.
Recognizes that as financial markets become increasingly digitized, there is an increased need for banks and other service providers to leverage new technology and innovative ways to serve customers.
By doing so, banks can continue to fulfill the financial intermediation function they have historically played in providing payment, lending, and deposit services.
Apply to national banks, federal savings associations of all sizes, consistent with some states which already authorized State banks and trust companies to provide similar functions.
For more information, visit www.occ.treas.gov