OCC Expands Crypto Activities for Banks, Allowing Buy and Sell of Assets

• OCC now allows banks to buy and sell crypto assets on behalf of their customers.
• U.S. banks can outsource crypto custody services, ensuring third-party compliance.
• OCC’s policy shift signals growing acceptance of cryptocurrency within the banking sector.

The U.S. Office of the Comptroller of the Currency (OCC) has expanded the role of banks in cryptocurrency-related activities. In a clarification released on Wednesday, OCC stated that national banks and federal savings associations could now buy and sell cryptocurrencies held at their customers’ request in custody. The new guidance also includes the capacity of the banks to outsource crypto custody and execution services to third parties.

Banks’ New Authority Over Crypto Assets

This change is a considerable shift in regulatory policies. Under the newly issued interpretive letters of the OCC, banks qualify to participate in a broader range of cryptocurrency-related activities. Among them are buying and selling digital assets for the customers and outsourcing some crypto-related services. 

The OCC emphasized that these activities must be carried out safely following existing legal and regulatory framewo…

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