OCC Grants Clarity on Crypto Asset Management for Banks

The U.S. Office of the Comptroller of the Currency (OCC) has issued new guidelines, Interpretive Letter 1184, providing clarity on how national banks and federal savings associations can engage with cryptocurrency assets. This directive clarifies that these institutions can buy, sell, and manage customer-held crypto assets, according to their customers’ instructions. Further, the guidance enables banks to outsource custody and execution of crypto assets to third parties while upholding stringent third-party risk management standards.