The US Office of the Comptroller of the Currency (OCC) has confirmed that banks can provide crypto custody and execution services for customers.
National banks and federal savings associations may buy and sell crypto assets at the customer’s direction. They can also outsource these services to third parties.
US Banks Can Finally Offer Crypto Services Without Regulatory Hurdles
According to the latest announcement, US banks may offer related services, including asset settlement, trade execution, recordkeeping, valuation, and tax reporting. These activities must follow applicable laws and customer agreements.
Also, the OCC reaffirmed its guidance from previous letters, which recognize crypto custody as a modern form of traditional bank custody services.
Banks may work with sub-custodians to store and manage crypto assets. However, they must apply strong risk management when doing so.
Third-party providers must follow proper controls to protect customer assets. Banks remain responsible for the oversight of all outsourced services.
If a bank acts in a fiduciary capacity, it must follow federal fiduciary rules under parts 9 or 150, depending on the charter. All crypto-related activity must be conducted in a safe, sound, and lawful manner. This applies to both direct and third-party services.
Overall, the OCC’s announcement gives banks a clear legal basis to offer digital asset services within a regulated framework.
Previously, it was unclear whether banks could actively buy or sell crypto assets held in custody based on customer instructions. While custody was permitted, executing trades was a gray area.
This clarity could increase confidence in crypto services provided by regulated financial institutions. It also allows banks to serve crypto demand without building everything in-house.
By confirming this authority, the OCC supports responsible crypto adoption in traditional banking. It reinforces the need for customer protection and oversight. Banks now have a pathway to expand their crypto services, provided they manage partners and risks effectively.
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