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US banks can now provide crypto custody services

Jul 23, 2020

In its interpretative letter, the OCC reveals the importance of implementing new technology

crypto custody service

US banks can now provide crypto custody services. Source: shutterstock.com

The Office of the Comptroller of the Currency (OCC) has given national banks and federal savings associations the authority to provide crypto custody services for customers.

The report highlights that banks and thrifts have long provided safekeeping and custody services, including physical objects and electronic assets.

The OCC recognizes that providing crypto custody services is a modern form of traditional bank activities. That includes holding unique cryptographic keys associated with cryptocurrency and more.

From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today. This opinion clarifies that banks can continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency
Brian P. Brooks, Acting Comptroller of the Currency 

We’ve reported that PayPal is continuously monitoring and evaluating global developments in the crypto, blockchain, and distributed ledger space.

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