In its interpretative letter, the OCC reveals the importance of implementing new technology
US banks can now provide crypto custody services. Source: shutterstock.com
The Office of the Comptroller of the Currency (OCC) has given national banks and federal savings associations the authority to provide crypto custody services for customers.
The report highlights that banks and thrifts have long provided safekeeping and custody services, including physical objects and electronic assets.
The OCC recognizes that providing crypto custody services is a modern form of traditional bank activities. That includes holding unique cryptographic keys associated with cryptocurrency and more.
We’ve reported that PayPal is continuously monitoring and evaluating global developments in the crypto, blockchain, and distributed ledger space.
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