US banks can now legally provide custody of cryptocurrencies!

An incredible turn of events, and a a significant move towards the adoption of cryptocurrencies in the US, as the United States Office of the Comptroller of the Currency (OCC) clarified that national banks can indeed take custody of cryptocurrency. The federal regulator confirmed that national banks and federal savings associations can legally provide custody services for customers willing to move store cryptocurrencies.

The announcement is not a change from a previous policy, but rather a clarification saying that banks can hold crypto related assets for customers, holding secure keys or providing other custody and protective services. This update will make banks to seek the technological development required to align with the evolving crypto-industry. JPMorgan Chase is one of the national bank that provides banking services to crypto companies, having  already provided support to Gemini and Coinbase.

From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today. Brian Brooks - Acting Comptroller of the Currency

The public letter dated 22nd of July 2020, states that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet, clearing the way for national banks to hold digital assets for their clients. The announcement is seen as a significant vote of confidence for cryptocurrencies in the United States. The letter responds to requests and clarifications regarding the authority of a national bank to provide cryptocurrency custody services for customers, enforcing banks position to offer services to any lawful business they choose, including cryptocurrency businesses, as long as they can effectively manage the risks and comply with applicable law. The letter marks a major development for the crypto-world, as previously, custody was linked to specialist firms, such as Coinbase.

One of the next seasons of Casa del Papel can now be set in US, while The Professor and the gang will try to fill a memory stick with Satoshi's secrets and large amounts of Bitcoin.

Links and referrals:

US banks can hold cryptocurrencies

Coindesck - US Banks can offer crypto custody

Walletes

Binance

Coinbase

Atomic Wallet

Celsius Network

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