US banking regulators have issued a joint statement clarifying how banking organizations can provide safekeeping for crypto assets, a move seen as a step toward integrating digital assets into the traditional financial system.
The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC) released the guidelines to ensure banks considering custody services for cryptocurrencies comply with existing laws and risk-management frameworks.
“The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are issuing this statement for banking organizations that provide or are considering providing safekeeping for crypto assets” the statement read.
The statement defines “safekeeping” as the service of holding an asset on a customer’s behalf. The agencies highlighted that while crypto-asset custodians may also offer other custody services, the current guidance focuses solely on safekeeping.
“For purposes of this statement, “safekeeping” is defined as the service of holding an asset on a customer’s behalf. The agencies recognize that crypto-asset custodians may provide other custody services while safekeeping crypto-assets. This statement focuses on safekeeping,” the regulators stated.
The agencies emphasized that banking organizations providing crypto-asset safekeeping must adhere to established fiduciary and non-fiduciary standards. This includes compliance with regulations under 12 CFR Parts 9 or 150, as well as relevant state laws and legal provisions related to fiduciary relationships.
A banking institution acting in a fiduciary capacity such as a trustee, executor, or administrator of an estate must manage crypto assets with the same prudence applied to other assets under its care.
Importantly, the statement clarifies that it does not introduce new supervisory expectations but reiterates how existing laws and risk-management principles apply to crypto-asset safekeeping. The agencies expect banks to have a clear understanding of the unique risks associated with digital assets, including cybersecurity threats, fraud prevention, and operational resilience.
This guidance comes amid growing interest from both institutional and retail investors in cryptocurrencies like Bitcoin and Ethereum, with traditional banks exploring ways to bridge the gap between conventional finance and emerging digital asset markets.
For banks considering entering the crypto-asset custody business, this statement offers a roadmap to compliance without stifling innovation. It reassures institutions that they can offer these services within the current regulatory structure, provided they implement robust risk controls and legal safeguards.
“Banking organizations providing safekeeping for crypto assets should apply the same rigorous standards of care as they would for other assets,” the statement notes. This means establishing internal governance processes, conducting thorough risk assessments, and ensuring systems can manage the unique technological and legal complexities of cryptocurrencies.
The move underscores the regulatory agencies’ cautious approach toward digital assets—balancing innovation with stability. While the statement does not cover trading, lending, or other crypto-related services, it signals openness to banks engaging with the digital economy under existing frameworks.
Industry experts believe this clarification could pave the way for more banks to explore crypto custody services, providing an additional layer of security for investors who have long been concerned about the risks of storing digital assets on exchanges or private wallets.
As the crypto market continues to evolve, regulatory clarity remains a crucial factor in mainstream adoption. For now, this guidance is a significant step toward establishing a regulated environment for safeguarding digital assets.
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