The U.S. Office of the Comptroller of the Currency (OCC) has officially approved that banks and federal savings institutions across the country can offer cryptocurrency custody services to their customers. In the statement, it was stated that banks can participate in various cryptocurrency activities, provided that these services are carried out responsibly and legal frameworks are complied with. Banks regulated by the OCC will be able to provide custody services, which include the safekeeping of Bitcoin and other digital assets, as well as additional services such as buying and selling these assets at the direction of their clients, record keeping, taxes and reporting. Related News: Renowned Analyst Shares His Theory on the New Bitcoin Bull: “This is What Will Happen, Get Ready” According to the agency, banks may also provide these services through sub-custodians within the framework of appropriate third-party risk management practices. The OCC stated that digital finance is no longer a temporary trend but a complete transformation; and that all crypto asset activities must be conducted in a safe, secure and lawful manner. Michael Saylor, founder of Strategy, the company with the most Bitcoin in the world, shared the OCC's statement and commented that “it is now appropriate for banks to adopt Bitcoin.” *This is not investment advice. Continue Reading: This Was Overshadowed by the Bitcoin Rally, But It’s Important: A US Agency Released an Official Statement on Crypto, and Michael Saylor Also Broke the News
