30 August 2026
Banks In US Can Now Offer Services For Crypto Custody
Good news for the crypto community as National banks and federal saving associations can now allow crypto custody services to customers following approval from regulators in the country.
On Wednesday, the Office of the Comptroller of the Currency (OCC) issued an interpretative letter stating that national savings banks and federal savings associations can now offer crypto custody services. The decision was made after following the request of OCC for public input on the matter.
In the letter, OCC gives reasons for their decision stating that the crypto owners want their custody tokens to be recognized institutions like banks. The letter also states that banks providing crypto storage could be the plus point for market participants like investment advisers who require third-party asset custodianship by law.
The decision of OCC to allow bank custody crypto services come up naturally from their longstanding involvement in safeguarding physical assets.
OCC asks banks to segregate customer’s assets from their own crypto holdings. The banking authorities were also happy with the decision of OCC and ensured to offer the highest safety standards.
The OCC approval does banks to a particular type of crypto custody. Hence, financial institutions customer’s private keys copies or hold the virtual assets themselves in secure cold storage facilities.
Some banks were providing crypto custody services before the OCC announcement. Along with National banks, the safe storage of cryptocurrencies is going to increase.
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