Banks Enter the Cryptocurrency Market: New Regulations Drive Innovation

The US banking sector is experiencing a seismic shift as the Office of the Comptroller of the Currency (OCC) has granted banks permission to trade cryptocurrencies directly on behalf of their customers. This groundbreaking directive eliminates significant regulatory hurdles, allowing banks to seamlessly integrate cryptocurrency transactions into their existing portfolio management practices. 3rd-party service providers will now handle technical infrastructure investments, streamlining operations. Previously, banks were required to obtain pre-approval for these activities. Now, compliance with security protocols is the key requirement.