Federal Reserve, FDIC and OCC clarify crypto custody rules for banks

American banking regulators have published a declaration clarifying the rules concerning the safety of cryptocurrencies, or guard, by banking organizations.

The Council of Governors of the Federal Reserve system, the Federal Deposit Insurance Corporation and the Currency Controller office, noted in their press release that the joint declaration does not establish any new rule concerning the participation of banks in the custody of cryptography.

Rather, the federal reserve, Fdic And OCC has reiterated existing regulatory directives for banks, emphasizing applicable laws. The declaration also highlights expectations concerning the principles of risk management for banks offering childcare services for cryptocurrencies such as bitcoin (BTC) and Ethereum (Ethn).

Banks must “know” the crypto

The agencies have confirmed that banks are authorized to have cryptographic assets for their customers, either with fiduciary or non -fiduciary capacity. However, banking organizations must take several key rules into account when providing such services.

“Given the complexities of the Crypto-Asset Guard, the Board of Directors, the officers and the employees of a banking organization should have the required knowledge and understanding of the safety services of crypto-assemblies to establish adequate operational capacities and appropriate controls to carry out the activity in a safe and solid manner and in accordance with applicable laws and regulations,” said the declaration of regulatory guardians.

Bank and cryptography keys

Although a bank can have cryptographic assets in the name of a customer, agencies have reaffirmed that the responsibility of the guard was falling to the bank.

As such, banks must take full control of assets, in this case, the keys. According to the directives, a banking organization must “prove reasonably” that no other party, including the customer, can access the assets while being under the bank.

Banks are also authorized to use third -party childcare providers. However, the bank In question is solely responsible and will be responsible for third party shares.

The declaration of the Federal Reserve, the FDIC and the West comes in the midst of an observable change in the regulatory approach to the Bank and the Crypto in the United States

The FDIC and the OCC have in the past have expressed key directives in banks because they allow greater participation of banking providers in the cryptography industry.

The FDIC, for example, Published documents linked to cryptocurrency in February 2025 and March, clarified That banks can engage in crypto -related activities without having to request the agency’s prior approval. The Federal Reserve also published similar guidelines in April.