The Office of the Comptroller of the Currency (OCC) of the United States confirmed that national banks are permitted to engage in risk-free principal cryptocurrency asset transactions.
Odaily Planet Daily reported that the OCC issued interpretive letter 1188 today, confirming that national banks can engage in permissible banking activities related to risk-free principal cryptocurrency asset transactions. Such transactions involve banks acting as principals when trading cryptocurrency assets with one client while simultaneously engaging in offsetting transactions with another client.
Banks act as intermediaries, not holding cryptocurrency asset inventories, but instead functioning similarly to brokers acting as agents. Like any activity, national banks must conduct these activities in a safe and sound manner and comply with applicable laws.
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