The Office of the Comptroller of the Currency has published a letter that clarifies national banks' authority to provide cryptocurrency custody services for customers.

National and state banks and thrifts have long provided safekeeping and custody services, including both physical objects and electronic assets. The OCC has specifically recognised the importance of digital assets and the authority for banks to provide safekeeping for such assets since 1998. In the new letter, the OCC concludes that the provision of crypto-currency custody services, including the holding of unique cryptographic keys associated with crypto-currency, is a modern form of traditional bank activity. Crypto-custody services may extend beyond the passive holding of "keys."

Acting Comptroller of the Currency Brian Brooks told the press: "From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today. This opinion clarifies that banks can continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency."

The OCC also recognises that, as the financial markets are digitising, the need will increase for banks and other service providers to use new technology to serve their customers.