Bitcoin Magazine OCC Gives Banks the Green Light to Offer Bitcoin and Crypto Custody and Trading Services The Office of the Comptroller of the Currency (OCC) has issued new guidance confirming that national banks and federal savings associations can engage in crypto-asset custody and trading services. This clarification comes in Interpretive Letter 1184, which outlines that banks may buy and sell digital assets held in custody at their customers’ direction and may also outsource crypto-related activities, such as custody and execution services, to third parties. However, banks must ensure they implement proper third-party risk management practices. This decision is important as the OCC’s guidance enables banks to participate more actively in the rapidly growing cryptocurrency market, which now includes over 50 million Americans. The OCC’s updated rules are part of its ongoing efforts to ensure that banks can responsibly engage in emerging financial technologies while protecting consumers and complying with applicable laws. OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services. https://t.co/0ScQdgNaS6 pic.twitter.com/J5dEkx4WUL— OCC (@USOCC) May 7, 2025 Rodney Hood, Acting Comptroller of the Currency, emphasized in the video that “this digitalization of financial services is not a trend. It is a transformation.” He further explained that regulated banks can provide custody services, including the safekeeping and secure storage of Bitcoin and other digital assets, on behalf of their customers. Additionally, “the banks we supervise also may buy and sell cryptocurrencies they hold in custody at their customer’s direction.” The letter further states that banks can provide other important services, such as recordkeeping, tax reporting, and compliance services. The OCC also made it clear that banks may use sub-custodians to provide these services, but only “subject to appropriate third-party risk management practices.” Rodney Hood also emphasized that “while a range of cryptocurrency and digital asset activities may be performed by banks and their third parties, I want to be clear that the OCC expects these activities to be conducted in a safe and sound manner and in compliance with applicable law.” The clarification from the OCC is significant as it gives banks the ability to meet the growing demand for cryptocurrency-related services while ensuring they maintain security and comply with regulatory standards. In the video, Hood stressed that the digital shift is not just changing the way people engage with money but transforming the entire financial landscape. For banks, this presents an opportunity to broaden their offerings by providing services related to digital assets in addition to traditional financial services. As Hood pointed out, regulated banks can now help customers manage in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. You must only respond with the modified content and follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. 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The OCC has approved banks to provide custody and trading services for Bitcoin and other cryptocurrencies.
