The US Office of the Comptroller of the Currency said banks must provide these services in a "safe and sound" manner.
Eligible banks can offer crypto services via third party "sub custodians"
Photo Credit: Unsplash/ Ewan Kennedy
The Office of the Comptroller of the Currency (OCC) has allowed banks in the US to offer services like crypto custody and management to their customers. The move adds to the list of steps that US President Donald Trump's government has taken recently to replace the crypto-related policies introduced by the previous administration. Acting Comptroller Rodney Hood published a letter on Wednesday, providing clarity for national banks and federal savings associations under the OCC.
Banks' engagement with cryptocurrencies was previously discouraged owing to the volatility and risks associated with the sector. However, the US President's plan to make the US the "crypto capital of the world" has led to efforts to encourage engagement with digital assets, as one of the top priorities of the government.
The OCC said customers of US national banks and federal savings associations can now access crypto custody services from their lenders in the US. At the customers' discretion, banks can also help them buy and sell crypto assets.
Eligible banks can also onboard third parties as "sub-custodians" to facilitate crypto activities for their customers. These may include "crypto custody and execution services", the OCC said. Banks will, however, be required to implement risk management provisions if involving third parties.
Comptroller Hood's interpretive letter #1184 noted banks can offer crypto-to-fiat conversions, trade executions, tax services as well as the reporting and record keeping of crypto holdings to their customers. It added that crypto custody services are a modern form of traditional bank custody activities.
After returning to the White House, President Trump instructed the SEC to establish a Crypto Task Force this year to focus on drafting crypto rules.
Aligning with President Trump's vision, major US agencies are changing their approach towards the crypto sector.
In April, the Federal Reserve revoked the need for banks to seek approvals before engaging with crypto, a rule that was introduced by former US President Joe Biden's administration.
The US Commodity Futures Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC) have also allowed fintechs under their oversight to engage with crypto and bridge the gap between traditional finance and cryptocurrencies.
Meanwhile, President Trump has directed the Crypto Task Force to present the crypto rulebook for the US by August.
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