A leading US banking regulator says lenders can facilitate crypto transactions on behalf of their customers without having to keep the assets on their balance sheets.
The Office of the Comptroller of the Currency (OCC) has issued an interpretive letter confirming that national banks can act as intermediaries in crypto transactions without risk.
The transactions involve buying a crypto asset from one party and immediately selling it to another party, without long-term inventory or significant risk.
This permission applies to crypto assets that are not classified as securities, such as Bitcoin (BTC).
Banks must conduct their activities safely, manage risks such as defaults and comply with all laws.
The OCC considers these transactions part of core banking practices, similar to brokerage services for financial instruments.
This move builds on previous approvals for cryptocurrency custody, allowing banks to offer regulated alternatives to unregulated exchanges.
And it’s a departure from the Biden era, when the SEC required entities to list crypto assets in custody on their balance sheets, limiting banks’ ability to offer crypto custody services without significant capital implications — a requirement that was rescinded in January.
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