With an announcement published today, the US Currency Supervisor Office (OCC) has authorized cryptocurrency storage for “national banks and federal savings associations of all sizes”.
This decision is of great importance for the US banking system and the crypto money ecosystem. The cryptocurrency retention system, described as the modern form of traditional bank activities, stated that digital currencies are only located in the blockchain or distributed ledger technology on which they are stored, and banks cannot store their cryptography access keys for their customers, since they are not in a physical state.
In the statement made by the OCC, the cryptocurrency retention service stated that the information of the long-standing and competent authorities is similar to the protection and retention activities, so the traditional banking system is not actually foreign to this type of service.
Although all banks will be given this mandate, banks will need to review their overall business plans and strategies under the guidance of OCC.