The Office of the Comptroller of the Currency (OCC) has allowed banks to trade cryptocurrencies on behalf of their customers. This decision streamlines processes and changes the rules of the game in the financial market.
New Powers Granted by the Directive
According to OCC's recent announcement, banks are now authorized to delegate cryptocurrency transactions to third-party service providers. This allows them to manage technical infrastructure investments through outsourcing, providing banks with flexibility in organizing cryptocurrency trading for their customers. Previously, banks were required to engage in separate consultations with state officials before initiating cryptocurrency operations, but this requirement has now been lifted.
Security and Collaboration Conditions
The OCC mandates that all cryptocurrency transactions adhere to existing security standards. Independent experts must approve infrastructure and software security audits, and banks are obliged to submit regular reports to demonstrate operational soundness.
Benefits for Banks and Clients
Industry players believe this newfound flexibility will drive competition. Specialized service providers are also seeking to form new collaborations with banks, gradually eroding the barriers between traditional banking and the world of cryptocurrencies. Transactions that were previously conducted solely through decentralized platforms can now occur under the supervision and assurance of banks.
The launch of new opportunities for banks in the cryptocurrency sector not only implies an expansion of their services but also improves risk management, potentially increasing customer satisfaction.
