The Federal Reserve Board, FDIC, and OCC clarified on Monday in a joint statement how existing banking rules apply to institutions that hold cryptocurrencies for their customers.
The agencies emphasized that the guidelines do not introduce new regulations, but rather recommend risk management measures, including cybersecurity and custody controls.
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Banks exploring cryptocurrency custody should assess changing market risks and implement robust governance frameworks.
The move follows recent policy changes, including the OCC's May approval for banks to trade cryptocurrencies and the FDIC's more flexible stance on pre-approval of crypto-related activities.