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Three Major US Regulatory Agencies Release Cryptocurrency Custody Guidelines
Summary: According to official announcements, the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency have jointly issued guidance on banks providing cryptocurrency custody services. The guidance clarifies that banks can offer cryptocurrency custody services in a trust or non-trust capacity, but must strictly manage the security risks of cryptocurrency keys. ...
According to official announcements, the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency have jointly issued guidance on banks providing cryptocurrency custody services. The guidance clarifies that banks can offer cryptocurrency custody services in a trust or non-trust capacity, but must strictly manage the security risks of cryptocurrency keys. The regulatory agencies emphasize that banks must establish robust risk management frameworks, including secure key generation and storage, anti-money laundering compliance, third-party risk management, and comprehensive audit procedures. These guidelines apply to cryptocurrency custody businesses within existing regulatory frameworks and do not create new regulatory expectations.
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