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OCC Allows US Banks To Offer Crypto Custody Services
Summary: The Office of the Comptroller of Currency (OCC) announced yesterday in a public letter that all nationally chartered U.S. banks will be able to provide custody services for cryptocurrencies. The Crypto industry used to rely on specialist firms that have a state-issued license to receive custody services. As OCC legitimizing banks-supported crypto custodian services, the ...
The Office of the Comptroller of Currency (OCC) announced yesterday in a public letter that all nationally chartered U.S. banks will be able to provide custody services for cryptocurrencies.
The Crypto industry used to rely on specialist firms that have a state-issued license to receive custody services. As OCC legitimizing banks-supported crypto custodian services, the crypto industry comes to a major development.
However, banks who provide the services will have to comply with local regulations, as well as practicing some “sound risk management”.
By Lily Yang
