The Office of the Comptroller of the Currency (OCC) in the United States has published new guidelines allowing national banks to provide cryptocurrency custody and trading services. These changes create new opportunities for financial institutions.
Permission for Cryptocurrency Custody and Trading
According to OCC's new guidelines, banks can securely store cryptocurrencies and provide services related to record-keeping, tax reporting, and compliance. This will become part of an expanded suite of financial services, allowing banks to better respond to customer demands.
Advantages and Changes in the Banking Sector
For years, many banks have shied away from cryptocurrencies due to regulatory uncertainties. However, with the shift in U.S. administration policy, banks are beginning to offer cryptocurrency services to meet the growing customer demand and increase revenues.
Security and Risk Management
OCC emphasizes the importance of proper risk management procedures when utilizing third-party providers for cryptocurrency services. Established security standards are critical for protecting customer assets and complying with legal requirements.
With the new OCC guidelines, banks can engage more actively in the crypto industry while ensuring high standards of security and responsibility. This opens new horizons for the financial sector on the path to digital transformation.
