The United States Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) issued a joint statement on Monday on crypto custody, offering a regulatory framework for banks holding digital assets.
According to the document, banks may hold crypto in either a fiduciary or non-fiduciary capacity, and must establish robust internal controls to manage risks, particularly related to cryptographic key security.
The agencies also emphasize that banks should ensure their staff have sufficient technical expertise and implement safeguards to prevent the loss or unauthorized transfer of digital assets. Legal compliance, cybersecurity, and audit protocols are highlighted as essential.
