The Office of the Comptroller of the Currency (OCC) has publicly welcomed the development of banking relationships with the cryptocurrency sector, provided these partnerships are fully compliant with existing legal standards and risk management requirements. This shift reflects the OCC’s ongoing commitment to adapt banking regulations as digital assets become a more prominent part of the financial landscape.

Recent interpretive letters from the OCC have clarified that national banks and federal savings associations are permitted to offer a range of crypto-related services, such as cryptocurrency custody, execution of crypto transactions, and holding stablecoin reserves. These activities are now recognized as legally permissible within the federal banking system, so long as institutions demonstrate that they have effective controls in place to manage associated risks.

Federal banking regulators, including the OCC, the Federal Reserve, and the FDIC, recently issued updated guidance to clarify expectations for banks that provide safekeeping of crypto assets. This guidance emphasizes that while there are no new regulatory requirements, banks must assess and manage the unique legal, operational, and technological risks related to digital assets. Whether offering services in a fiduciary or non-fiduciary capacity, institutions are required to treat crypto assets with the same level of diligence and oversight as traditional financial assets.

Compliance with anti-money laundering laws and other regulatory standards remains paramount. Banks engaging in crypto-asset services must have robust procedures for verifying customer identities, monitoring transactions, detecting suspicious activity, and adhering to sanctions requirements.

As cryptocurrencies and other digital assets gain ground, banking organizations are tasked with ensuring their practices align with the established principles of safety and soundness. The OCC’s regulatory approach aims to provide clarity and legal certainty, while also safeguarding both the financial system and customers as crypto-related banking activities continue to expand.