US OCC: Banks Can Buy and Sell Custodied Crypto Assets and Outsource Related Services

The Office of the Comptroller of the Currency (OCC) issued an interpretive letter on Wednesday, clearly stating that banks can "buy and sell crypto assets under their custody at the request of customers." The OCC also noted that banks "can outsource cryptocurrency-related activities to third parties, including custody and execution services." This new policy continues the agency's shift from previous policies since March, no longer requiring banks to obtain regulatory approval before advancing crypto business.