The United States Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1184 clarifying that national banks and federal savings associations may provide certain crypto-asset custody and execution-related services as permissible banking activities. The letter confirms that banks may buy and sell assets held in custody at a customer’s direction and may outsource bank-permissible crypto-asset activities, including custody and execution services, to third parties, subject to appropriate third-party risk management practices. Crypto-asset custody activities, including when conducted through a sub-custodian, must be performed in a safe and sound manner and in compliance with applicable law; the OCC noted related authority addressed in Interpretive Letters 1170 and 1183.
Office of the Comptroller of the Currency 2025-05-07
United States Office of the Comptroller of the Currency clarifies national banks’ and federal savings associations’ authority to provide crypto-asset custody and execution services
The United States Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1184, clarifying that national banks and federal savings associations can provide crypto-asset custody and execution services. Banks may buy and sell assets at a customer's direction and outsource these activities to third parties, subject to risk management practices. All activities must comply with applicable law and be conducted safely, referencing authority from Interpretive Letters 1170 and 1183.