OCC Says Banks Can Offer Crypto Custody Services

Law360 (July 22, 2020, 1:07 PM EDT) -- The Office of the Comptroller of the Currency said Wednesday that national banks and federal savings associations are authorized to provide customers with cryptocurrency custody services, saying such activity is "a modern form of traditional bank activities related to custody services."

In an interpretive letter, the OCC said it has concluded that national banks can custody cryptocurrency, including "unique cryptographic keys." The letter, signed by senior deputy comptroller and chief counsel Jonathan Gould, also seeks to reaffirm that national banks are able to provide allowed banking services to any lawful business, which includes cryptocurrency companies.

"From safe-deposit boxes to virtual vaults,...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!