• Authors
  • Privacy Notice
  • Contact us
  • Legal
  • Technology
  • News
  • Careers
  • Conferences
  • Events
No Result
View All Result
  • Legal
  • Technology
  • News
  • Careers
  • Conferences
  • Events
No Result
View All Result
Legaltech
No Result
View All Result

OCC Regulator: Banks in US can offer Crypto Custody Services

by Legaltech
24/07/2020
Reading Time: 2 mins read
OCC Regulator: Banks in US can offer Crypto Custody Services

Photo by Tim Evans on Unsplash

Share on FacebookShare on TwitterShare on Llinkedin

Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets https://t.co/lZS1xj3ZMK

— OCC (@USOCC) July 22, 2020

The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers.

National and state banks and thrifts have long provided safekeeping and custody services, including both physical objects and electronic assets. The OCC has specifically recognized the importance of digital assets and the authority for banks to provide safekeeping for such assets since 1998. In the letter published today, the OCC concludes that providing cryptocurrency custody services, including holding unique cryptographic keys associated with cryptocurrency, is a modern form of traditional bank activities related to custody services. Crypto custody services may extend beyond passively holding “keys.”

“From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” said Acting Comptroller of the Currency Brian P. Brooks. “This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”

The OCC also recognizes that, as the financial markets are increasingly digitized, the need will increase for banks and other service providers to leverage new technology and innovative ways to serve their customers’ needs. By doing so, banks can continue to fulfill the financial intermediation function they have historically played in providing payment, lending, and deposit services.

Today’s opinion applies to national banks and federal savings associations of all sizes and is consistent with a number of states which have already authorized state banks or trust companies to provide similar functions.

Share this:

  • LinkedIn
  • Twitter
  • Facebook
  • Pocket
Share207Tweet130Share36

Legaltech

Related Posts

Markets-in-Crypto- Assets-EU-Regulation
Legal

Markets in Crypto-Assets Regulation

24/04/2023
the-future-of-digital-money-vasilis-charalambous
Blockchain & DLT

The Future of Digital Money

20/02/2023

Recommended.

Fintech and EU Regulatory developments

Fintech and EU Regulatory developments

30/04/2020
How 3D technology can help boost online shopping for the furniture industry

How 3D technology can help boost online shopping for the furniture industry

30/04/2020

Trending.

the-future-of-digital-money-vasilis-charalambous

The Future of Digital Money

20/02/2023
Markets-in-Crypto- Assets-EU-Regulation

Markets in Crypto-Assets Regulation

24/04/2023
Artificial Intelligence Legal tech

The Rise of AI in Legal Practice

06/04/2023
Non Fungible Token ,NFT, digital

NFTs: The Bedrock of the Virtual Economy

08/03/2022
Law & Technology: E-justice & Legal Technology

Law & Technology: E-justice & Legal Technology

16/01/2023
Legaltech

Legal for Techies - Tech for Lawyers

Follow Us

Recent News

Markets-in-Crypto- Assets-EU-Regulation

Markets in Crypto-Assets Regulation

24/04/2023
Artificial Intelligence Legal tech

The Rise of AI in Legal Practice

06/04/2023
  • Authors
  • Privacy Notice
  • Contact us

© 2020 Legaltech

No Result
View All Result
  • Legaltech
  • Technology
    • Blockchain & DLT
    • Cryptocurrencies
    • Fintech
    • Startups
    • Software
    • Security
    • Hardware
  • Legal
    • ADR
    • E-Justice
    • EU Law
    • Gov. Announcements
    • Intellectual Property
    • Personal Data
    • Case summaries
  • News
  • Careers
  • Conferences
  • Events
  • Contact us

© 2020 Legaltech

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Fore more details visit our Privacy Policy and Cookie Policy