OCC Allowed U.S. National Banks to Conduct Crypto Transactions
The U.S. Office of the Comptroller of the Currency (OCC) authorized national banks to act as intermediaries in cryptocurrency transactions without holding digital assets on their balance sheets.
The OCC issued an interpretive letter stating that national banks’ participation in riskless principal transactions in crypto-assets is considered a permissible and lawful banking activity. This approach will allow traditional banks in the U.S. to offer their clients regulated brokerage services in the cryptocurrency sector.
According to the document, the OCC permits banks to execute two interconnected orders for the purchase and sale of digital assets almost instantly, without taking on price risk and without forming a balance of digital assets within their infrastructure. The regulator emphasized that this model fully aligns with existing regulations that allow banks to conduct similar operations with traditional financial instruments.
The memo states that a key requirement for regulatory compliance is the absence of any intent to hold cryptocurrency assets on the bank’s balance sheet. Under the OCC’s terms, a bank must execute transactions solely at the request of clients, acting as a technical facilitator and not participating in market speculation.
The document also clarifies that banks must ensure full risk management, including counterparty evaluation, settlement controls, and operational process monitoring. According to the OCC, safety and reliability remain mandatory criteria when working with digital assets, despite recognizing the permissibility of such operations.
The regulator expects that allowing crypto transactions will increase customer access to cryptocurrency trading through regulated financial institutions. The decision is also intended to create a foundation for expanding banking services in the crypto sector and strengthening the integration of the crypto market into the traditional U.S. financial system.
Recently, Jonathan Gould, Comptroller of the OCC, confirmed the legality of providing custodial services by national trust banks, and digital assets aren’t considered an exception in this context.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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