The US Office of the Comptroller of the Currency declared that banks can easily engage in crypto deals. However, they can also handle custodial and outsourced funds. That was a surprise message from the OCC. On that note, the OCC clarified that any digital assets held in custody can be processed through banks.
# What Did The OCC State
The banks can outsource the functions to their allied third parties. The letter published on 7th May 2025 clarified the facts. Simultaneously, the OCC also reveals that the banks, nationalized mainly, and the federal savings associations can now purchase and sell crypto tokens, upon customers’ instructions.
However, there is a catch. The banks can mobilize and act upon the assets in custody only. Moreover, OCC directed that banks can now delegate the crypto-related services, including custody and execution, to external companies. However, all such functions must comply with the current banking laws and the risk management standards that supervisory bodies implement.
On 7th May 2025, the OCC released another official video message. This one confirms that banks have the authority to offer a range of ancillary custody services, like record maintenance, handling tax reporting, and offering all sorts of subcustodian arrangements. However, the third-party arrangements must be overseen by the OCC directly.
It is crucial to lay doen the framework needed for ardent risk management!
