Banks may engage in “a range of cryptocurrency activities” now deemed permissible by the national bank regulator, the agency said late Friday.
In a release (and interpretive letter 1183 to banks) the Office of the Comptroller of the Currency (OCC) said crypto-asset custody, “certain stablecoin activities,” and “participation in independent node verification networks such as distributed ledger” are now all permissible for national banks and federal savings associations.
The agency said it has also rescinded a requirement that banks it supervises must receive “supervisory nonobjection” and show they have adequate controls in place before they can engage in these cryptocurrency activities.
Further, the agency said it has withdrawn its participation in the joint statement on crypto-asset risks to banking organizations and the joint statement on liquidity risks to banking organizations resulting from crypto-asset market vulnerabilities.
In a statement, acting Comptroller of the Currency Rodney Hood said the agency “expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones” regardless of the underlying technology.
OCC Clarifies Bank Authority to Engage in Certain Cryptocurrency Activities
Interpretive Letter 1183 (PDF)
Interpretive Letter 1170 on crypto-asset custody services (PDF)
Interpretive Letter 1172 on stablecoin activities (PDF)
Interpretive Letter 1174 on participation in independent node verification networks (PDF)
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