Key U.S. banking regulators have issued a joint statement confirming that federally chartered banks are permitted to provide custody services for Bitcoin and other cryptocurrencies within established regulatory frameworks.
The Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) clarified that banks seeking to offer cryptocurrency custody must integrate these services while adhering to stringent safety, soundness, and risk management requirements, mirroring the standards applied to traditional banking activities.
This affirmation aligns with the agencies’ sustained commitment to fostering responsible cryptocurrency integration within the traditional banking sector. Regulatory bodies, particularly the OCC, have maintained a consistent stance supporting banks’ exploration of crypto services, emphasizing their compliance with conventional banking regulations.
Recent leadership appointments, including the confirmation of Jonathan Gould at the OCC, have signalled a continued prioritization of blockchain and digital asset integration strategies. Furthermore, the FDIC’s prior removal of the ‘reputational risk’ consideration as a barrier significantly eased the path for banks to develop and offer crypto-related services to customers.