U.S. banks given regulatory green light to safekeep cryptocurrencies
23 Jul 2020

A leading U.S. banking regulator said on Wednesday that national banks may provide custody services for cryptocurrencies.

The Office of the Comptroller of the Currency said in a new letter that providing custody and safekeeping services for cryptocurrencies, including holding “keys” needed to access cryptocurrency holdings, is a modern version of traditional banking activities and should be allowed.

“From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” said Acting Comptroller of the Currency Brian Brooks in a statement.

The new OCC opinion provides further entry for traditional banks into the cryptocurrency business, where the rules have been murky about what is and isn’t permitted.

By Pete Schroeder, Reuters, 22 July 2020

Read more at Reuters

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