Banking Regulators Warn of Risks in Crypto Custody Services
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The Federal Reserve, FDIC, and OCC issued a joint statement Monday outlining how banks holding cryptocurrency for customers must manage associated risks, from cybersecurity threats to secure key storage.
While the guidance doesn’t impose new rules, it signals heightened scrutiny as more banks explore crypto services.
Regulators stressed that banks must assess crypto’s volatile nature and implement robust risk controls.
The statement follows recent policy changes, including the OCC’s approval of bank crypto trading and the FDIC’s move to streamline crypto activity approvals.
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