US OCC "Banks Can Trade Cryptocurrencies Upon Customer Request"

The US Office of the Comptroller of the Currency (OCC) has issued an interpretive letter stating that banks can buy and sell cryptocurrencies at the request of customers.

On the 7th (local time), the OCC stated in Interpretive Letter 1184 that "banks can trade assets held in custody at the direction of customers," and that "exchange services and transaction execution services between cryptocurrencies and fiat currencies are included in such activities." This means that banks can buy and sell cryptocurrencies if requested by customers. The OCC is the agency that manages and supervises banks in the United States.

The OCC recently reaffirmed in Interpretive Letter 1183 that banks can trade cryptocurrencies. The OCC stated, "Cryptocurrency custody services are a modern form of traditional bank custody activities," and "Interpretive Letter 1183 also acknowledged that banks can use sub-custodians for cryptocurrency custody."