US Banks Authorized to Offer Crypto Custody Services, OCC Confirms

The Office of the Comptroller of the Currency (OCC) has granted national banks explicit authority to custody cryptocurrency assets for customers. Interpretive Letter 1184 permits banks to buy, sell, and hold digital assets, marking a pivotal shift in regulatory stance.

This decision eliminates previous ambiguities, enabling traditional financial institutions to integrate crypto services like secure key management and transaction execution. Ancillary offerings—including tax reporting and valuation—are now within scope for federally chartered banks.

The move signals growing institutional acceptance of digital assets, potentially accelerating mainstream adoption. market observers anticipate increased liquidity as banks bridge the gap between legacy finance and cryptocurrency markets.