The Federal Reserve, alongside the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), has issued a joint policy statement addressing cryptocurrency custody activities by banking organizations.
This guidance aims to clarify the regulatory expectations for banks seeking to engage in the safekeeping of digital assets on behalf of customers.
The statement responds to the expanding digital asset ecosystem and reflects ongoing efforts to provide regulatory clarity for banks navigating the evolving cryptocurrency landscape. It focuses on establishing prudent custodial practices within the existing regulatory framework.