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 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.