OCC Greenlights Crypto Custody Services for US Banks

The Office of the Comptroller of the Currency (OCC) has confirmed that national banks and federal savings associations may now provide cryptocurrency custody services. This includes buying, selling, and managing crypto assets on behalf of customers, as well as outsourcing these functions to third-party providers.

Banks can offer a full suite of related services—trade execution, settlement, recordkeeping, and tax reporting—provided they comply with existing laws and customer agreements. The OCC’s guidance treats crypto custody as a natural extension of traditional bank custody, aligning digital assets with conventional financial services.

While institutions may partner with sub-custodians for asset storage, the OCC emphasizes stringent risk management protocols. Third-party providers must implement robust controls to safeguard customer holdings, ensuring the same level of security expected in traditional finance.