OCC Approves Cryptocurrency Activities for Bank Customers

The Office of the Comptroller of the Currency (OCC) has shifted its stance on cryptocurrency, allowing banks to buy, sell, and provide custody services for digital assets. This marks a significant change from the OCC’s previous hands-off approach, as they now recognize cryptocurrencies as a fundamental part of the financial landscape. The OCC clarified that national banks and federal savings associations can participate in certain cryptocurrency activities, including buying, selling, and providing custody and execution services on behalf of their clients. 3rd party service providers will be subject to stringent safety standards and oversight.