The U.S. OCC allows banks to achieve zero-risk profits from cryptocurrency trading services
On December 9, the Office of the Comptroller of the Currency (OCC) in the United States issued Interpretation Letter 1188, clearly allowing national banks to participate in cryptocurrency asset trading in a 'risk-free principal' model without holding token inventories or assuming net risk exposure.
This means that banks can act as intermediaries for both buyers and sellers, connecting and matching trades for customers, with business attributes that are essentially consistent with traditional securities brokerage models.
This move directly responds to the core demand for traditional banks to comply with entry into the cryptocurrency market, and it creates a clear path for controlled risk participation.
The core emphasized by this policy is that 'technology should not become a business barrier,' as regulators believe that the core functions of digital asset custody and trading are fundamentally no different from traditional financial business and can be fully integrated into the existing legal framework of banks for unified management.
This shift in policy also marks a transition in regulatory thinking from the past approach of 'isolation and prudent skepticism' to a new direction of 'classification and compliance norms.'
In addition, the OCC has reserved the national trust charter as a key entry channel for the cryptocurrency industry, allowing those companies that meet capital requirements, standard management systems, and strict risk control standards to apply for a federal trust license. Once approved, they can conduct core businesses such as cryptocurrency asset custody and stablecoin reserve management under OCC regulation.
This policy also indirectly rejects the traditional banking association's lobbying regarding 'unfair competition,' indicating that the OCC issues financial licenses based on the substance of the business rather than the form of technology to ensure fair market access for various institutions.
In summary, this regulatory measure by the OCC allows traditional banks to legally provide cryptocurrency services and participate in the market to avoid customer loss; while cryptocurrency companies can gain institutional trust and achieve business upgrades through federal trust licenses.
From a global perspective, this regulatory practice, which serves as a barometer, may influence the direction of cryptocurrency regulations in other major financial centers, thereby reshaping the international cryptocurrency financial regulatory landscape.
Overall, the OCC has not simply loosened regulations but has categorized cryptocurrency businesses and matched compliance requirements within the existing legal framework, aiming to systematically incorporate them into traditional financial regulatory frameworks.