The Office of the Comptroller of the Currency (OCC) has released guidance stating that national banks and federal savings associations are permitted to provide custody and trading services for digital assets such as Bitcoin.
Interpretive Letter 1184 clarifies that banks are permitted to buy and sell digital assets on behalf of customers and may outsource related services—such as custody and execution—to third-party providers, subject to appropriate risk management oversight.
The guidance is part of the OCC’s broader regulatory efforts to clarify the scope of activities banks can undertake in relation to emerging financial technologies.
According to the letter, financial institutions may also provide related services, including recordkeeping, tax reporting, and compliance.
These services may be delegated to sub-custodians, provided that oversight requirements are met.
In a video statement, Acting Comptroller of the Currency Rodney Hood said, “this digitalization of financial services is not a trend. It is a transformation.”
OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services. https://t.co/0ScQdgNaS6 pic.twitter.com/J5dEkx4WUL
— OCC (@USOCC) May 7, 2025
He noted that banks are allowed to provide custody for digital assets and that “the banks we supervise also may buy and sell cryptocurrencies they hold in custody at their customer’s direction.”
Hood also stated, “while a range of cryptocurrency and digital asset activities may be performed by banks and their third parties, I want to be clear that the OCC expects these activities to be conducted in a safe and sound manner and in compliance with applicable law.”
The guidance provides a regulatory framework for banks interested in offering Bitcoin and crypto-related services while maintaining compliance with federal banking standards.
Institutions choosing to engage in these activities are expected to implement appropriate risk controls and follow existing legal and supervisory expectations.
The OCC’s statement does not mandate banks to participate in Bitcoin and digital asset services, but it clarifies what is permissible under current law.
Institutions may determine whether and how to engage based on their business models, capabilities, and risk assessments.