Crypto Custody Banks Approved by OCC

OCC Allows Banks to Offer Crypto Custody Without Prior Approval

• The OCC confirms national banks can provide crypto custody and stablecoin services without prior approval.
• Banks must implement risk management controls equivalent to traditional banking operations.
• Interpretive Letter 1183 clarifies the engagement of banks in crypto activities under existing laws.
• Previous requirement for supervisory nonobjection has been eliminated.
• The OCC has withdrawn from earlier joint regulatory statements on crypto-asset risks.

The Office of the Comptroller of the Currency (OCC) now allows national banks to offer crypto custody services without needing prior regulatory approval, as confirmed by Interpretive Letter 1183. This change requires banks to maintain robust risk management controls similar to those for traditional banking activities.