{"id":46119,"date":"2025-07-15T13:39:12","date_gmt":"2025-07-15T10:39:12","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=46119"},"modified":"2025-07-15T13:39:12","modified_gmt":"2025-07-15T10:39:12","slug":"us-banks-granted-crypto-custody-authority","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/us-banks-granted-crypto-custody-authority\/","title":{"rendered":"US Banks Granted Crypto Custody Authority!"},"content":{"rendered":"<p><span data-contrast=\"auto\">US regulators have authorized banks to offer crypto custody services. The rules are clear: legal compliance, security, and risk management take priority.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\"><a href=\"https:\/\/coinengineer.net\/blog\/fed-minutes-released-here-are-the-key-takeaways\/\"><strong>The Federal Reserve (Fed)<\/strong><\/a>, the <strong>Federal Deposit Insurance Corporation (<a href=\"https:\/\/coinengineer.net\/blog\/fdic-eases-stance-on-banks-crypto-activities\/\">FDIC<\/a><\/strong>), and the Office of the<strong> Comptroller of the Currency (OCC)<\/strong> issued a joint statement granting banks the authority to hold Bitcoin and other <strong>crypto assets<\/strong> on behalf of their clients. However, this move does not introduce new regulations. Banks must fully comply with existing laws such as <strong>12 CFR 9 or 150<\/strong>, relevant state laws, and documentation governing fiduciary relationships. Institutions offering custody services as fiduciaries carry all responsibilities outlined under these frameworks.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The document emphasizes that banks must conduct a comprehensive risk assessment before starting any <strong>crypto custody<\/strong> activities. This assessment should cover the nature of the assets, technological infrastructure, and legal obligations.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/us-banks-granted-crypto-custody-authority\/#Risk_Assessment_and_Sub-Custody_Warning\" title=\"Risk Assessment and Sub-Custody Warning\u00a0\">Risk Assessment and Sub-Custody Warning\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/us-banks-granted-crypto-custody-authority\/#Security_Compliance_and_Expertise_Required\" title=\"Security, Compliance, and Expertise Required\u00a0\">Security, Compliance, and Expertise Required\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Risk_Assessment_and_Sub-Custody_Warning\"><\/span><span data-contrast=\"auto\">Risk Assessment and Sub-Custody Warning<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\"><strong>Banks can hold crypto<\/strong> assets directly or via sub-custodians. However, under the terms of customer agreements, the primary bank remains liable for all actions of the sub-custodian. The statement includes:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<blockquote><p><span data-contrast=\"auto\">&#8220;Conducting due diligence before selecting a sub-custodian is a critical component of sound risk management.&#8221;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><\/blockquote>\n<p><span data-contrast=\"auto\">Banks must thoroughly evaluate the sub-custodian\u2019s cryptographic key management, internal controls, and compatibility with existing custody risk management practices. Furthermore, the document states that banks should be operationally prepared against threats such as key loss, unauthorized access, cyberattacks, and asset transfers.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Security_Compliance_and_Expertise_Required\"><\/span><span data-contrast=\"auto\">Security, Compliance, and Expertise Required<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">To provide these services sustainably, banks are expected to employ skilled personnel, secure system infrastructure, and maintain proficiency in current technologies.<\/span> <span data-contrast=\"auto\">In addition, all service providers must fully comply with the Bank Secrecy Act (BSA), <strong>Anti-Money Laundering (AML)<\/strong> laws, Countering the <strong>Financing of Terrorism (CFT)<\/strong> requirements, and OFAC regulations without exception.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<blockquote><p><span data-contrast=\"auto\">&#8220;Crypto asset custody relationships are subject to the same federal regulations as any other banking service.&#8221;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><\/blockquote>\n<p><span data-contrast=\"auto\">Banks must also ensure transparent customer disclosures, define responsibilities clearly in comprehensive agreements, enhance internal audit processes, and consider seeking independent audit support if necessary.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\"> <em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram<\/a>,\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/a>\u00a0channels for the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a>\u00a0and updates.<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US regulators have authorized banks to offer crypto custody services. The rules are clear: legal compliance, security, and risk management take priority.\u00a0 The Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a joint statement granting banks the authority to hold Bitcoin and other<\/p>\n","protected":false},"author":36,"featured_media":46121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[657,2],"tags":[20645,20643,20637,20646,16711,20648,20639,20641,20642,20640,20647,20638,20644],"class_list":["post-46119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-en","category-news","tag-aml-crypto-banking","tag-bank-crypto-services","tag-crypto-custody-banks","tag-crypto-key-management","tag-crypto-regulation-usa","tag-custody-risk-crypto","tag-fdic-crypto-rules","tag-fed-crypto-custody","tag-legal-crypto-storage","tag-occ-crypto-custody","tag-subcustodian-risk","tag-us-banking-crypto","tag-us-crypto-compliance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Banks Granted Crypto Custody Authority! 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