Source: Unsplash (Bermix Studio)
The new regulation clarifies that federally chartered banks across the United States can custody cryptocurrency assets.
- While American banks have been technically allowed to custody digital assets since 1988, no specific regulations surrounding cryptocurrency had been given until now.
- The public letter by the Officer of the Comptroller of the Currency (OCC), which supervises and regulates national banks, has given the green light to American banks to hold cryptocurrency.
- The letter also states that banks may develop the technological infrastructure necessary to secure and transact cryptocurrency funds.
- Cryptocurrency advocates believe this will make larger institutions, especially financial institutions, friendlier to digital assets such as Bitcoin.
We'd love to help you learn more about what's happening