On July 15, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a joint statement on cryptocurrency custody, providing operational guidance for banks holding crypto assets. (Golden Ten) [BlockBeats]

On July 15, according to the official announcement, the U.S. Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly issued a guidance statement on banking organizations providing crypto asset custody services. The statement clarifies that banks can provide crypto asset custody services in a fiduciary or non-fiduciary capacity, but must strictly manage the security risks of cryptographic keys. Regulators emphasized that banks must establish a sound risk management framework, including key generation and storage security, anti-money laundering compliance, third-party risk management, and comprehensive audit procedures. This guidance applies to crypto asset custody business under the existing regulatory framework and does not create new regulatory expectations. [BlockBeats]

U.S. Three Major Regulatory Agencies Issue Guidance on Crypto Asset Custody

On July 15, according to the official announcement, the U.S. Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly issued a guidance statement on the provision of crypto asset custody services by banking organizations. The statement clarifies that banks can provide crypto asset custody services in a fiduciary or non-fiduciary capacity, but must strictly manage the security risks of cryptographic keys. Regulators emphasized that banks must establish a sound risk management framework, including key generation and storage security, anti-money laundering compliance, third-party risk management, and comprehensive audit procedures. This guidance applies to crypto asset custody business under the existing regulatory framework and does not create new regulatory expectations. [BlockBeats]

According to an official announcement, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly issued guidance on banking institutions providing cryptocurrency custody services. The statement clarifies that banks can offer cryptocurrency custody services in a fiduciary or non-fiduciary capacity, but must strictly manage the security risks of cryptographic keys. Regulators emphasize that banks must establish a robust risk management framework, including secure key generation and storage, anti-money laundering compliance, third-party risk management, and comprehensive auditing procedures. This guidance applies to cryptocurrency custody businesses within the existing regulatory framework and does not create new regulatory expectations. [BlockBeats News]

Three Major US Regulatory Agencies Release Cryptocurrency Custody Guidance

The U.S. Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (Fed), and the Federal Deposit Insurance Corporation (FDIC) jointly issued a statement requiring banks to strictly comply with existing laws and regulations and strengthen risk management when providing crypto asset custody services. The statement emphasizes that banks need to conduct comprehensive risk assessments and controls on crypto asset key management, third-party custody, cybersecurity, compliance and anti-money laundering, and other aspects. At the same time, banks should ensure that relevant personnel have the necessary technical capabilities, improve customer agreements, and conduct regular internal and external audits to protect the safety of customer assets. The statement also added that this release does not establish new regulatory requirements. [Odaily Planet Daily News]

Federal Reserve, FDIC, and OCC Joint Statement Clarifies Rules Regarding Banks Holding Customer Crypto Assets

On July 15, according to the official announcement, the U.S. Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly issued a guidance statement on banking organizations providing crypto-asset custody services. The statement clarifies that banks can provide crypto-asset custody services in a fiduciary or non-fiduciary capacity, but must strictly manage the security risks of cryptographic keys. Regulators emphasized that banks must establish a sound risk management framework, including key generation and storage security, anti-money laundering compliance, third-party risk management, and comprehensive audit procedures. This guidance applies to crypto-asset custody business under the existing regulatory framework and does not create new regulatory expectations. [Deep Tide TechFlow]

On July 15 (UTC+8), the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) jointly issued a statement clarifying how current regulatory rules apply to banks providing crypto asset custody services to customers. The statement pointed out that this is not to establish new regulatory expectations, but requires banks to prudently assess relevant risks, including cybersecurity, key and sensitive information management, and establish a risk governance framework adapted to the characteristics of the crypto market, just like they treat other new products and services. Recently, during Trump's tenure, a number of institutions intensively released regulatory guidelines and appointed a number of crypto-friendly officials to promote financial institutions to accelerate into the crypto field. [MetaEra]

Federal Reserve and others issue guidelines: Banks must strengthen risk control when custodying crypto assets

U.S. federal banking agencies released a joint statement setting out how existing rules apply to banks holding crypto on customers' behalf, marking the latest move by regulators to clarify how banks can engage with the burgeoning industry.

In a statement issued on Monday, the Federal Reserve Board, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation said they were focused on safekeeping for crypto and noted that the statement was not explicitly creating any "new supervisory expectation."

Banking organizations should consider risks, as they would with any new products and services, the agencies said. Those include cybersecurity, maintaining control of keys and other sensitive information, according to the statement.

"A banking organization that is contemplating providing safekeeping for crypto-assets should consider the evolving nature of the crypto-asset market, including the technology underlying the crypto-assets, and implement a risk governance framework that appropriately adapts to relevant risks," the agencies said.

Over the past few months, since President Donald Trump took office, multiple agencies have released statements and letters clarifying their stances on crypto regulation. The OCC, for example, said in May that U.S. banks can buy and sell crypto assets on their behalf. The FDIC has shifted its stance on crypto and said it will allow financial institutions to engage in crypto activities without notifying the agency ahead of time.

Crypto-friendly regulators have also been put at the helm of key agencies. Last week, the Senate confirmed former blockchain executive Jonathan Gould to lead the OCC. Gould was previously the chief legal officer at Bitfury and, before that, served as senior deputy comptroller and chief counsel at the OCC.

Federal Reserve, FDIC and OCC clarify rules for banks holding crypto for customers in joint statement

The Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the Office of the Comptroller of the Currency (OCC) jointly issued a statement clarifying the risk management matters that banks should pay attention to when托管cryptocurrency assets for customers. The statement reaffirms that relevant activities must comply with current laws and regulations and be carried out in a safe and sound manner, and also points out that this statement does not introduce new regulatory requirements. The three agencies stated that they will continue to explore ways to further clarify banks' participation in crypto asset-related activities. [Wu Shuo]

U.S. Regulators Issue Joint Statement Reaffirming Crypto Asset Custody Risk Management Requirements

On July 15 (UTC+8), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a joint statement on cryptocurrency custody, providing operational guidance for banks holding crypto assets. (Source: Bitpush) [MetaEra]

Federal Reserve and other agencies issue joint statement on cryptocurrency custody, providing operational guidance for banks holding crypto assets

US regulators gave fresh guidelines for how banks can offer crypto custody services for clients and not run afoul of their rules, the latest move from Trump-era watchdogs as they weigh how traditional lenders should engage with digital assets. Banks that contemplate providing safekeeping for crypto-assets should consider the evolving nature of the crypto market, including the technology underlying the cryptoassets, the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency said in a Monday statement, adding that they must implement a risk-governance framework that appropriately adapts to relevant risks.

US Bank Regulators Provide Blueprint for Lenders’ Crypto Custody

The three major federal banking regulators in the United States—the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC)—have issued a joint statement outlining how existing rules will be implemented regarding banks offering cryptocurrency custody services on behalf of their customers. This statement aims to reduce uncertainty about how banks can participate in the crypto sector. In the joint statement, the regulators detailed how the existing legal framework and risk management principles would apply to crypto asset custody activities, while emphasizing that no new auditing standards were introduced. “Banking institutions considering crypto asset storage should take into account the evolving nature of these markets and the technology they are based on, and create an appropriate risk management framework,” it said. According to the statement, banks offering crypto asset custody services will be responsible for keeping digital assets secure on behalf of customers, and in this process, they will need to prioritize issues such as the protection of digital keys, cybersecurity risks, and operational controls. The statement noted that storing crypto assets requires significant resources and expertise due to factors such as the complexity of the technology involved, market volatility, and rapid change. It added that banks must conduct comprehensive risk assessments and possess sufficient technical capacity before offering this service. Crypto assets can be held in both "fiduciary" and "non-fiduciary" capacities. Banks are required to comply with relevant federal regulations (e.g., 12 CFR 9 or 150) and state laws when acting as trustees, executors, or investment advisors. Since Donald Trump's re-inauguration, there has been a noticeable increase in statements and positions regarding crypto regulations. In May, the OCC announced that US banks could trade crypto assets on their own behalf. The FDIC, on the other hand, lifted the previously mandatory prior notification requirement, allowing banks to more freely participate in crypto activities. Following these regulatory announcements, the appointment of pro-crypto figures to the helm of critical institutions is also attracting attention. Last week, the Senate confirmed the appointment of former blockchain executive Jonathan Gould to head the OCC. Gould previously served as general counsel at Bitfury and held senior positions at the OCC. *This is not investment advice.

FED, FDIC and OCC Issue Joint Statement on Cryptocurrencies

US banks can now offer crypto custody services following new Federal Reserve guidance, opening doors for institutional adoption.
The post <a href="https://cryptobriefing.com/federal-reserve-approves-us-banks-custody-bitcoin-crypto/">Federal Reserve clears US banks to custody crypto assets including Bitcoin</a> appeared first on <a href="https://cryptobriefing.com">Crypto Briefing</a>.

Federal Reserve clears US banks to custody crypto assets including Bitcoin

One risk facing banks that custody crypto is the potential for liability if crypto assets are lost, according to three US financial agencies.

US Federal agencies outline key risks for banks eyeing crypto custody

7月15日，美联储、联邦存款保险公司（FDIC）和货币监理署（OCC）发布了关于加密货币托管的联合声明，为持有加密资产的银行提供了操作指导。（Golden Ten）[BlockBeats]

美联储及其他机构发布联合声明，针对加密货币托管提供银行持有加密资产的运营指导

7月15日，美聯儲、聯邦存款保險公司（FDIC）和貨幣監理署（OCC）發佈了關於加密貨幣託管的聯合聲明，爲持有加密資產的銀行提供了操作指導。（Golden Ten）[BlockBeats]