Federal banking regulators issued a joint assertion at this time affirming that U.S. banks could present custody providers for Bitcoin and digital belongings in the event that they adjust to current legal guidelines and keep robust danger controls.
The OCC, Fed, and FDIC reaffirm that banks could supply custody and safekeeping of crypto-assets—corresponding to Bitcoin—beneath current danger administration expectations.https://t.co/vSKE7HQDID
— Michael Saylor (@saylor) July 14, 2025
The steerage, launched by the Federal Reserve, the Workplace of the Comptroller of the Foreign money (OCC), and the Federal Deposit Insurance coverage Company (FDIC), reiterates regulatory expectations with out introducing new guidelines.
“Banking organizations could present safekeeping for crypto-assets in a fiduciary or a nonfiduciary capability,” the assertion famous.
These appearing in a fiduciary position should adjust to 12 CFR 9 or 150, related state legal guidelines, and different relevant authorized provisions.
Custody of digital belongings, significantly involving cryptographic keys, requires sturdy cybersecurity, operational readiness, and authorized compliance.
Establishments are anticipated to handle dangers corresponding to key loss, cyberattacks, and unauthorized transfers.
Banks might have specialised workers, safe infrastructure, and ongoing monitoring of evolving applied sciences.
Regulatory necessities associated to anti-money laundering (AML), countering the financing of terrorism (CFT), and Workplace of International Property Management (OFAC) sanctions proceed to use.
“Like all different banking actions, crypto-asset safekeeping relationships are topic to relevant Financial institution Secrecy Act/anti-money laundering (BSA/AML), countering the financing of terrorism (CFT), and Workplace of International Property Management (OFAC) necessities,” the doc said.
Banks should additionally conduct thorough danger assessments earlier than providing these providers, evaluating asset varieties, know-how used, and authorized obligations.
“Topic to the phrases and situations within the buyer settlement, a banking group is answerable for the actions carried out by the sub-custodian…” the assertion added.
Due diligence on sub-custodians ought to embrace a evaluation of key administration practices and total danger controls.
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