Letter regarding authority of a national bank to provide cryptocurrency custody services for customers

Phone: 650.723.2465
Fax: 650.725.0253

Type: Informal guidance
Date: 07/22/2020
Agency: Office of the Comptroller of the Currency
Jurisdiction: United States
Type of Law: Guidance
Status: Existing
Official URL: External link

This letter responds to a request regarding the authority of a national bank to provide cryptocurrency custody services for customers. The OCC concludes that a national bank may provide these cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency. This letter also reaffirms the OCC’s position that national banks may provide permissible banking services to any lawful business they choose, including cryptocurrency businesses, so long as they effectively manage the risks and comply with applicable law.