The joint statement from key financial institutions in the USA highlights the potential for banks to offer custody services for cryptocurrencies, reflecting positive changes in policy towards digital assets.
Details of the Cryptocurrency Statement
The Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve (Fed) have released a joint statement indicating that banks may provide custody services for cryptocurrencies. This announcement contrasts sharply with previous warnings about the risks associated with cryptocurrencies.
Providing Cryptocurrency Services
Banks are now allowed to offer cryptocurrency custody and management services, though they must have qualified personnel to handle risk management. It is crucial for banks to comply with federal and state regulations when offering these services.
Reactions and Comments
Michael Saylor commented on the situation, stating: "The OCC, Fed, and FDIC reaffirm that banks can offer custody services for crypto assets like Bitcoin within existing risk management expectations." The regulatory agencies also emphasized that no new supervisory expectations are being introduced.
Thus, the statement from regulatory agencies opens a new chapter for US banks in dealing with cryptocurrencies, indicating a more positive and proactive approach to risk management.
