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Crypto custody services: may be offered by US banks

Cryptocurrency custody service - Crypto custody services: may be offered by US banks

I custody services crypto may be offered by banks in the United States. There OCC of the United States has decided to allow banks to provide a service for the custody of cryptocurrency. The news came in a letter that was sent by the United States authority in charge of banking supervision. So it is given the green light to the banks for the management of the sector in a regulated way.

The OCC, that is the Office of the Comptroller of the Currency, is the independent type office that is part of the US Treasury Department. This pronunciation, therefore, has a governmental value. So much so that it is possible consider this actual decision, so that banks will have the opportunity to apply it.

As explained in the letter, it is explained that banks will be able to offer this service which also includes a safekeeping of keys they are associated with cryptocurrencies. It is also added that banks will also be able to provide other services relating to digital currencies, provided that these fall within the current respect United States regulatory plan. 

As the OCC wanted to explain, this turning point is given by the need to use safe places like banks, for three specific reasons, such as: wallet irreproachable cryptocurrencies once lost, banks have more security services than they currently exist, investment advisors will be more likely to hand over the keys to bank clients.

The OCC recognized that gradually i financial markets have become increasingly technological, and it will probably be increasingly necessary for banks and other service providers to leverage new technologies and innovative ways to succeed in provide traditional services on behalf of the various customers.

By providing these services, banks will have the opportunity to perform one financial intermediation function which they have historically carried out with regard to loan, payment and deposit services. Through intermediation, banks can facilitate a flow of funds that are within our economic system and which continue to be important for the management of financial risk and the security of banking customers. 

Brian P. Brooks to head the OCC He explained that: from safes to virtual vaults, it must be ensured that banks can also meet the needs of modern customers. This view makes it clear that banks can satisfy customers' needs for the protection of precious assets, which today, for tens of millions of Americans, also provide for cryptocurrencies.

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Silvia Faenza

Graduated in Political Science and International Relations at the University of Salento, in the 2014. From 2015 he is in charge of content management for online companies and publishing agencies, mainly as a ghostwriter, copywriter and web editor.

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