US banks can now offer crypto custody services. The Office of the Comptroller of the Currency (OCC) has decided to allow all nationally chartered American banks to provide custody services for cryptocurrencies.
In a public letter dated July 22, Jonathan Gould wrote that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet. The letter marks a major development for the crypto industry.
The letter said providing custody for cryptocurrencies would differ in several respects from other custody activities, and the letter also said, that banks can provide both fiduciary and non-fiduciary custodian services.