OCC Authorizes Federal Banks to Engage in Cryptocurrency Activities
- The Office of the Comptroller of the Currency (OCC) has issued Interpretive Letter 1183, allowing Federal Banks to engage in cryptocurrency activities.
- Banks can now participate in crypto-asset custody and certain stablecoin activities.
- Federal Banks are permitted to engage in some Decentralized Finance (DeFi) activities, including node verification for blockchain protocols.
- The requirement for banks to obtain licenses before participating in DeFi activities has been removed.
- The OCC has withdrawn from joint statements on crypto-asset risks and liquidity risks for banking organizations.
On March 7, the OCC clarified that Federal Banks can now engage in various cryptocurrency activities, including crypto-asset custody and stablecoin operations, as outlined in Interpretive Letter 1183.
Source (2.6)https://coingape.com/occ-clears-federal-banks-to-engage-in-crypto-activities/?rand=24432
