CRYPTO WEEK: BANKS CAN NOW HOLD CRYPTO

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The Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) in the United States announced in a joint statement on the first day of "Crypto Week" that they have granted banks permission to hold crypto assets. The statement noted that this permission does not introduce new regulations and that existing legal frameworks and risk management rules must be adhered to.
Banks must control the customer's cryptographic private keys themselves; unilateral access by the customer or third parties must be blocked, and in the event of key loss or unauthorized access, banks will be held directly responsible. Additionally, a thorough risk assessment in critical areas such as cybersecurity, technological infrastructure, personnel qualifications, volatility, AML/CFT/OFAC compliance, and internal audit processes has been requested.
It is possible to work with third parties or custodial institutions; however, in this case, banks are obligated to supervise the chosen service provider and clearly define their responsibilities. Additionally, it was emphasized that customer notifications should be clear and transparent, and responsibilities should be detailed in the contract.
As a result, while US regulators are giving banks the green light for crypto custody, they are stipulating that this service must be provided in a secure, transparent, and compliant manner. This step creates an important bridge between traditional finance and the crypto ecosystem.