OCC: US Banks Can Buy and Sell Customers’ Crypto
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The OCC has officially authorized national banks to buy, sell, and custody crypto assets for customers, according to a new interpretive letter released Wednesday.
Banks may also outsource crypto services—including custody and trade execution—to third parties, as long as proper risk controls are in place.
This follows the agency’s March decision to scrap the 2021 rule requiring pre-approval for crypto activities.
The OCC emphasized that banks can now offer a full suite of crypto services, from trading to tax reporting, and may use sub-custodians with adequate safeguards.
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