- September 11, 2020
- Posted by: Shogun Trader
- Category: News
In July of 2020, the United States Office Of the Comptroller of the Currency published a letter, “clarifying national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers.
“The OCC concludes 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. Crypto custody services may extend beyond passively holding keys.”
The implications for this move by the OCC are large and unprecedented. Perhaps the United States has now fully embraced the technological revolution of blockchain and cryptocurrency assets.
A link to the OCC website regarding this letter is found below:
https://www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-98.html
