The Office of the Comptroller of the Currency in America (OCC) announced that national banks can conduct cryptocurrency transactions on behalf of their customers. In a letter published today by the OCC, it was clearly stated that banks have the authority to carry out these transactions.
The new statement came after the OCC’s official cancellation in March 2025 of its stance, which required banks to obtain prior official approval for crypto-related activities, adopted in 2021. With this latest letter, the OCC has reaffirmed its position from 2020 that banks can offer cryptocurrency custody services.
OCC also emphasized that banks may delegate cryptocurrency custody and transaction execution services to third-party providers, but it is mandatory to implement effective risk management processes in such activities.
These developments stand out as part of the general easing process in regulations towards the crypto sector under the crypto-friendly administration of President Donald Trump. Last month, the Federal Reserve (Fed) withdrew its 2022 directive requiring banks to provide prior notice for crypto and stablecoin transactions.
Published: May 8, 2025 14:06
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