The Federal Reserve, FDIC and OCC jointly issued a statement clarifying the rules for banks holding customer crypto assets

PANews reported on July 15 that the U.S. Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (Fed) and the Federal Deposit Insurance Corporation (FDIC) jointly issued a statement requiring banks to strictly abide by existing laws and regulations and strengthen risk management when providing crypto asset custody services. The statement emphasized that banks need to conduct comprehensive risk assessment and control in crypto asset key management, third-party custody, network security, compliance and anti-money laundering. At the same time, banks should ensure that relevant personnel have the necessary technical capabilities, improve customer agreements, and conduct regular internal and external audits to ensure the safety of customer assets.

The statement also added that the release did not establish new regulatory requirements.