Banks regulated by the federal government can participate in a variety of cryptocurrency activities without prior approval, said the Office of the Comptroller of La Moneda (OCC), in a new letter and interpretive declaration.
In a new interpretive letter, the West clarified that national banks and federal savings associations can legally provide custody of cryptography, perform certain activities related to the stable and execution nodes.
“The West expects banks to have the same strong risk management controls to support new banking activities that do so for the traditional ones,” said the interlorm control of the Rodney Currency E. Hood.
“The current action will reduce the burden of banks to participate in activities related to crypto and ensure that these banking activities are consistently treated by the Occ, regardless of the underlying technology.”
As part of this new interpretive letter, the West withdrew a statement made in 2023 about the liquidity risks for cryptography banks, which suggests a reversal of previous concerns about the impact of the industry on financial stability.
