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ARTICLE · 21 AUGUST 2020

Federal Banks Get OK To Provide Services For Crypto Assets

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Federal banks and thrift institutions can now offer cryptocurrency custody services for customers, according to the Office of the Comptroller of the Currency.

United StatesTechnology
Charles Kolstad
Charles Kolstad
Megan L. Jones
Megan L. Jones
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Federal banks and thrift institutions can now offer cryptocurrency custody services for customers, according to the Office of the Comptroller of the Currency. Withers attorneys break down key takeaways from the announcement, including how private clients with crypto assets will benefit when it comes to current and estate planning purposes.
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Federally chartered financial institutions can begin offering cryptocurrency custody services for customers, an important change from the Office of the Comptroller of the Currency that will greatly impact what services federal financial institutions can offer in this rapidly evolving industry.

The OCC's Interpretive Letter #1170 is a major development for the crypto industry. Previously, custody has been handled mainly by specialist firms, such as Coinbase, operating under a state license, like a trust charter, to offer these types of services to larger investors.

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