The U.S. Office of the Comptroller of the Currency allows U.S. banks to act as intermediaries in cryptocurrency transactions
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The U.S. Office of the Comptroller of the Currency allows U.S. banks to act as intermediaries in cryptocurrency transactions
According to Bloomberg, the U.S. Office of the Comptroller of the Currency (OCC) has issued new guidance allowing U.S. banks to act as intermediaries in cryptocurrency transactions, further clarifying how traditional banks can legally participate in digital asset activities. According to the agency's memorandum, banks may serve as brokers, purchasing assets from one counterparty while simultaneously entering into agreements to sell those assets to another counterparty. The OCC stated that, as part of the process, lending institutions will not hold any crypto assets in inventory, "except in rare circumstances."
Navigating Web3 tides with focused insightsTechFlow, Dec. 10 — According to Bloomberg, the U.S. Office of the Comptroller of the Currency (OCC) issued new guidance on Wednesday allowing banks in the United States to act as intermediaries in cryptocurrency transactions, further clarifying how traditional banks can legally participate in digital asset activities.
According to the agency's memorandum, banks may serve as brokers, purchasing assets from one counterparty while simultaneously entering into agreements to sell those same assets to another counterparty. The OCC stated that, as part of this process, lending institutions would not hold any crypto assets in inventory, "except in rare circumstances."
