The U.S. Office of the Comptroller of the Currency says the National Bank and the Federal Reserve Association can provide cryptocurrency custody services

The Office of the Comptroller of the Currency (OCC) issued an open letter clarifying the power of the National Bank and the Federal Reserve Association to provide customers with cryptocurrency custody services. OCC stated that since 1998, it has clearly recognized the importance of digital assets and the right to authorize banks to custody digital assets. The provision of custodial cryptocurrency, including holding a unique key associated with the cryptocurrency, is a modern form of traditional banking activities related to custodial services. Brian P. Brooks, the acting auditor of currency, said, “From safes to virtual vaults, we must ensure that banks can meet the financial needs of today’s customers.” This shows that banks can continue to meet the needs of customers for custody of assets, including cryptocurrencies.