Sep 18, 2020
Did you know that now, Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets? Do you even know what this means? Well, we can tell you that The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks' and federal savings associations' authority to provide cryptocurrency custody services for customers. According to their press release, "National and state banks and thrifts have long provided safekeeping and custody services, including both physical objects and electronic assets. The OCC has specifically recognized the importance of digital assets and the authority for banks to provide safekeeping for such assets since 1998. " So the OCC concluded that providing cryptocurrency custody services, including holding unique cryptographic keys associated with cryptocurrency, is a modern form of traditional bank activities related to custody services. They further stated, "From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,"
Join Aviva Õunap, host of Crypto and Blockchain Talk, and Jonathan Dunsmoor, Founder, and Principal of Dunsmoor Law, as we explain the significance of this announcement while giving definitions and insights.
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