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US Banks Can Now Offer Crypto Custody Services Confirmed

US Banks Can Now Offer Crypto Custody Services Confirmed
US Banks Can Now Offer Crypto Custody Services Confirmed

Key Points

  • OCC confirms banks can custody, trade, and manage crypto
  • Third-party crypto services allowed with oversight
  • Banks can offer execution, valuation, and tax reporting
  • New clarity eliminates regulatory uncertainty

The US Office of the Comptroller of the Currency (OCC) has officially confirmed that US banks can now offer crypto custody services to customers. This decision allows national banks and federal savings associations to buy, sell, and hold crypto assets at the customerโ€™s request, clearing long-standing regulatory uncertainties.

Under the OCCโ€™s latest guidance, banks can also outsource crypto services such as asset settlement, trade execution, recordkeeping, valuation, and tax reporting to trusted third parties. However, banks remain fully responsible for managing third-party risks and must ensure that providers follow strict control standards to protect customer assets.

This move aligns crypto custody with traditional bank custody services. The OCC reaffirmed its earlier position that holding cryptocurrencies isย aย modern asset custody version. Banks acting as fiduciaries must also comply with federal fiduciary rules under parts 9 or 150, depending on their charter.

Importantly, banks must conduct all crypto-related activitiesย safely, soundly, and lawfully. Even when outsourcing, the bank holds the ultimate responsibility for oversight, ensuring that customer assets remain secure and well-managed.

What This Means for Banks and Customers

The OCCโ€™s confirmation removes previous doubts about whether banks could not only hold crypto but also execute trades based on customer instructions. Until now, executing trades was a legal gray area, even though simple custody had already been permitted.

This new clarity means banks can confidently offer a wider range of crypto services without fearing regulatory penalties. It also enables banks to meet growing crypto demand without having to build complex services entirely in-house. By partnering with third-party providers while maintaining strong risk management, banks can expand into crypto safely.

For customers, this development provides increased confidence in crypto services offered by regulated financial institutions. Instead of relying solely on crypto-native platforms, customers can now turn to banks they already trust for buying, selling, and storing digital assets.

The OCCโ€™s stance also signals a major step toward responsible crypto adoption in traditional banking. By setting clear rules and emphasizing customer protection, the regulator ensures that banks can innovate while keeping risks under control.

With this new legal framework, US banks are poised to become key players in the evolving crypto market, offering integrated services that blend traditional finance with cutting-edge digital assets.

For broader crypto trends, investors have also been following the impact of MetaPlanet stock movements and shifts in BSC gas fees, both of which influence digital asset strategies.

Increased Regulatory Momentum Across Crypto Sector

The OCCโ€™s move reflects a wider trend of regulators clarifying rules around crypto. For example, the recent Worldcoin Kenya ruling demonstrated how governments worldwide are shaping crypto compliance frameworks. This clarity encourages responsible growth and discourages bad actors.

Meanwhile, other players in the space are adapting rapidly. Movement Labsโ€™ rebrand highlights how crypto companies are adjusting to the new regulatory landscape and user expectations. Even cultural phenomena, like Elon Muskโ€™s meme coin influence, continue to drive market trends and investor interest.

By offering crypto custody services, US banks now join this wave of innovation, combining traditional financial security with digital asset opportunities. The industryโ€™s path forward is clearerโ€”and potentially more profitableโ€”than ever before.

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Abhijeet
Abhijeet is a Web3 and crypto writer who brings blockchain concepts to life with simple, engaging, and SEO-driven content. From DeFi and NFTs to emerging blockchain trends, he crafts stories that resonate with readers and build authority for Web3 brands.

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