The US Financial Currency Office (OCC) has confirmed that banks can provide custody and encrypted custody services to customers.
National banks and federal savings societies may buy and sell encryption assets towards the customer. They can also use external sources of these services to third parties.
Finally, American banks can provide encryption services without organizational obstacles
According to the latest advertisementAmerican banks may provide relevant services, including asset settlement, trade implementation, notebooks, evaluation, and tax reporting. These activities must follow the applicable laws and customer agreements.
Also, Occ again confirmed its directives from previous messages, which recognize the coding nursery as a modern form of traditional banking custody services.
Banks may work with sub -thick specialists to store and manage encryption assets. However, strong risk management should be applied when doing this.
Third -party service providers must follow appropriate controls to protect customer assets. Banks are still responsible for overseeing all services to use external sources.
If the bank is behaving as credit, it must follow the federal credit rules under parts 9 or 150, depending on the charter. All activity related to encryption should be performed in a safe, sound and legal way. This applies to both direct and third party services.
In general, the Occ Declaration gives banks a clear legal basis for providing digital asset services in an organized framework.
Previously, it was not clear whether banks could buy or sell encryption assets that are actively held on the basis of customer instructions. While the nursery was allowed, the implementation of the deals was a gray area.
This clarity can increase confidence in encryption services provided by organized financial institutions. Banks are also allowed to submit the request for encryption without building everything at home.
By confirming this authority, OCC supports the accreditation of responsible encryption in traditional banking services. It enhances the need to protect customers and supervision. Banks now have a road to expand their encryption services, provided that they manage partners and risks effectively.
Disintegration
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