• Authors
  • Privacy Policy
  • 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

Binance Referral Link Binance Referral Link
ADVERTISEMENT

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

Legaltech

Related Posts

Non Fungible Token ,NFT, digital
Technology

NFTs: The Bedrock of the Virtual Economy

08/03/2022
blockchain news cyprus
Blockchain & DLT

JPMorgan Chase & Co.’s Strategic Investment in TRM Labs

02/03/2022

Recommended.

The New Digital Workplace: The Future is Now

The New Digital Workplace: The Future is Now

03/06/2020
Συνεργασία Apple – Google για την ανάπτυξη τεχνολογίας εντοπισμού επαφών COVID-19

Συνεργασία Apple – Google για την ανάπτυξη τεχνολογίας εντοπισμού επαφών COVID-19

15/04/2020

Trending.

Crisis-Critical Intellectual Property: Findings from the COVID-19 Pandemic

Crisis-Critical Intellectual Property: Findings from the COVID-19 Pandemic

13/04/2020
The future of Maritime Industry and Global transportation

The future of Maritime Industry and Global transportation

03/05/2020
Τεχνητή νοημοσύνη: Ένα εργαλείο για τον δικηγόρο του σήμερα

Τεχνητή νοημοσύνη: Ένα εργαλείο για τον δικηγόρο του σήμερα

10/05/2020
big-4-accounting

‘Big 4’ Accounting Giants accept their First Bitcoin Payment

25/03/2021
Non Fungible Token ,NFT, digital

NFTs: The Bedrock of the Virtual Economy

08/03/2022
Legaltech

Legal for Techies - Tech for Lawyers

Follow Us

Recent News

Law & Technology: E-justice & Legal Technology

Law & Technology: E-justice & Legal Technology

16/01/2023
Non Fungible Token ,NFT, digital

NFTs: The Bedrock of the Virtual Economy

08/03/2022
  • Authors
  • Privacy Policy
  • 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