The U.S. Office of the Currency Supervisory (OCC) wants banks to be pretty sure before offering crypto services to their clients.
In its memo, the federal bank regulator asked banks to be clear if they want to start custody or node verification services, in order to comply with stablecoin and crypto regulations.
“This note clarifies that the activities covered will be permitted provided that a thousand banks can demonstrate to the satisfaction of the regulatory authority and that they are sufficient to carry out operations safely”
OCC also published guidance last year for banks that want to provide services to issuers holding stablecoins.
The regulator additionally stated that banks must obtain permission before they can offer crypto services:
“Banks should not engage in crypto activity without a written document that the supervisory authority does not object. The supervisory office will evaluate the adequacy of risk management systems and controls and risk measurement systems so that the bank can engage in proposed activities in a reliable and sound manner.
