Three Major US Regulatory Agencies Release Cryptocurrency Custody Guidance

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]