The US Office of the Comptroller of the Currency (OCC) has announced that banks under its authority can trade cryptocurrencies for customers and delegate certain crypto functions to third parties.
Acting comptroller Rodney Hood stated in a letter dated May 7 that banks and federal savings associations are authorized to buy and sell cryptocurrencies upon customer request.
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In a press release, the OCC also noted that financial institutions can outsource permitted cryptocurrency activities, such as custody and execution services, to third parties as long as they comply with the law.
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Hood mentioned in a video released on May 7 that these banks can offer additional custodial services, including record keeping and tax or reporting services for customers.