The Office of the Comptroller of the Currency (OCC) today clarified permissible bank activities related to crypto-asset custody and execution services.
The OCC published Interpretive Letter 1184 to confirm that national banks and federal savings associations may buy and sell assets held in custody at the customer’s direction and are permitted to outsource to third parties bank-permissible crypto-asset activities, including custody and execution services, subject to appropriate third-party risk management practices. This authority was also addressed in OCC Interpretive Letters 1170 and 1183.
As with any activity, a bank must conduct crypto-asset custody activities, including via a sub-custodian, in a safe and sound manner and in compliance with applicable law.