Office of the Comptroller of the Currency: U.S. Banks Open Doors to Crypto Custody

Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc), Compilation: Overnight Porridge, released with authorization.

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, Compilation: Overnight Porridge, released with authorization.

On July 23, Beijing time, the U.S. Office of the Comptroller of the Currency (OCC) posted on its official website:

Announce

, the National Savings Bank of the United States and the Federal Savings Association can offer cryptocurrency custody services to their customers. Acting Auditor General Brian Brooks said in a statement:

"This opinion clarifies that banks can continue to meet the needs of their customers to protect their most valuable assets, and today, for tens of millions of Americans, that includes cryptocurrencies."

The official announcement mentions that the statement “applies to U.S. national banks and federal savings associations of all sizes,” and comes just over a month after the Office of the Comptroller of the Currency (OCC) issued a statement on such institutions’ involvement in digital assets and blockchain. The digital event seeks public comment, a move that marks a major shift in the U.S. banking industry's relationship to the nascent cryptocurrency ecosystem.

The statement was accompanied by a letter of explanation outlining the policy shift. Although not named, the letter cited a request "regarding the authority of NAB to provide customers with cryptocurrency custody services." Before outlining the specifics of custody, the following sections provide an overview of cryptocurrencies:

"Since digital currencies exist only on the blockchain or distributed ledger on which they are stored, there is no physical possession of the instrument. Instead, the right to a particular digital currency unit is established through the use of a unique cryptographic key Transfers from one party to another. Thus, a bank that 'holds' digital currency on behalf of its customers is effectively in possession of cryptographic access keys to units of the cryptocurrency."

In addition, the letter cites existing guidance from the Office of the Comptroller of the Currency, which outlines that “banks may hold a wide variety of assets as custodians, including unique, difficult-to-value assets. transferred assets."

The OCC went on to state:

“The provision of custodial services for cryptocurrencies is within the purview of these long-standing custodial activities. As discussed below, it is a form of traditional banking that allows NAB to conduct electronically. Whether in a non-fiduciary or Providing such services in a fiduciary capacity is permissible. Banks that provide custody for cryptocurrencies in a non-fiduciary capacity essentially provide safe custody of cryptographic keys in order to control and transfer customers’ cryptocurrencies.”