Banks regulated by the federal government can engage in a range of cryptocurrency activities without prior approval, said the office of the currency controller (OCS), in a new letter and declaration of interpretation.
In a new letter of interpretation, the OCC said that national banks and federal savings associations can legally provide custody of cryptography, carry out certain activities related to the floors and manage the nodes.
“The OUC expects the banks to have the same strong risk management controls to support new banking activities as for the most traditional,” said the acting controller Rodney E. Hood.
“Today’s action will reduce the burden of banks to get involved in crypto-related activities and guarantee that these banking activities are treated in a coherent manner by the OCC, whatever the underlying technology.”
As part of this new letter of interpretation, the OCC has withdrawn a declaration which it made in 2023 on the risks of liquidity for the banks of Crypto, suggesting a decline in previous concerns concerning the impact of the industry on financial stability.
