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Bitcoin custo
2026-07-03 19:30:14

US Regulators Say Banks May Custody Bitcoin and Crypto Under Existing Rules

The Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation issued a joint statement clarifying that US banks may provide custody and safekeeping services for bitcoin and other crypto-assets as long as they comply with existing laws and maintain strong risk controls. The statement does not create new rules. Instead, it reminds banking organizations that crypto custody must fit within established legal, operational, and compliance frameworks. Banks may offer safekeeping services in either a fiduciary or nonfiduciary capacity, and fiduciary arrangements must comply with 12 CFR 9 or 12 CFR 150, applicable state laws, regulations, and the governing legal instruments. The agencies also stress that crypto custody is fundamentally tied to control over customers’ cryptographic keys, which creates heightened requirements around cybersecurity, operational resilience, technical expertise, and legal compliance. Risks such as key loss, cyberattacks, and unauthorized transfers must be actively managed. In addition, banks remain subject to BSA/AML, CFT, and OFAC obligations when handling crypto-assets. Before launching such services, banks are expected to conduct full risk assessments covering the nature of the assets, the technology involved, and the legal obligations attached. If a bank uses a sub-custodian, it is still responsible for the activities performed under the customer agreement and must perform robust due diligence on that provider’s key-management systems, policies, processes, internal controls, and adherence to standard safekeeping practices.

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US Regulators Say Banks May Custody Bitcoin and Crypto Under Existing Rules