OCC Letter May Help Ease Banks’ Lingering Crypto Concerns

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Law360 (August 12, 2020, 7:52 PM EDT) — The Office of the Comptroller of the Currency last month affirmed in an interpretive letter that national banks and savings associations can provide custody services for cryptocurrency, a largely symbolic move that leading industry observers believe could mitigate some of the concerns surrounding the emerging asset class.

In concluding that national banks can provide custody services, including the safekeeping of unique “cryptographic keys,” the July 22 letter noted that banks can also provide related services such as cryptocurrency-fiat exchanges, transaction settlement, trade execution, valuation, tax services and reporting.

“This is a phenomenal development for the integration of these new sets of…

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