Crypto Custody Made Clear: Joint Guidance From US Banking Regulators Released
2025-07-15 16:12:31
Main Idea
The OCC, Federal Reserve, and FDIC have jointly issued guidance for banks on crypto asset custody, emphasizing compliance with existing regulations and recognizing the complexities of digital assets.
Key Points
1. The 'big three' US banking regulators (OCC, Federal Reserve, FDIC) released joint guidance on crypto asset custody for banks.
2. The guidance highlights the need for banks to comply with existing regulations like the Bank Secrecy Act (BSA), AML laws, and OFAC requirements.
3. Banks must consider the benefits and risks of using third-party services for crypto-asset safekeeping.
4. The regulators acknowledge the volatility and complexities associated with digital assets.
Description
The “big three” banking regulators in the United States—the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC)—have jointly issued guidance on how banks should approach the custody of crypto assets. This guidance, while not introducing new rules, reinforces the necessity for banks to utilize existing risk management frameworks and compliance protocols when handling digital assets on behalf of their customers. Standards For C...
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