The move marks a pivotal regulatory shift, as traditional banking institutions are officially authorized to safeguard digital assets for customers. […]
The post U.S. Banks Officially Cleared to Offer Crypto Custody Services appeared first on Coindoo.
The move marks a pivotal regulatory shift, as traditional banking institutions are officially authorized to safeguard digital assets for customers.
In a newly released statement titled “Crypto-Asset Safekeeping by Banking Organizations,” the regulators clarified that custody can be offered in both fiduciary and non-fiduciary roles. Banks must adhere to existing risk management frameworks and comply with applicable laws, but the statement does not introduce any new supervisory requirements. Instead, it serves as a guideline for how crypto safekeeping aligns with current banking laws.
The agencies emphasized that custody services could include the secure holding of digital assets and managing them similarly to traditional fiduciary holdings like wills, trusts, or investment accounts.
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This regulatory clarity arrives as Bitcoin continues its historic run. The leading cryptocurrency has now soared above the $120,000 mark, trading at $120,035 at the time of writing. Bitcoin is up over 11% in the past week, with a daily trading volume exceeding $182 billion and a market cap approaching $2.4 trillion.
The combination of legal clarity and growing institutional participation appears to be fueling the rally, with analysts speculating that this development could open the floodgates for a wave of bank-backed crypto services across the United States.
The post U.S. Banks Officially Cleared to Offer Crypto Custody Services appeared first on Coindoo.
Source: https://coindoo.com/u-s-banks-officially-cleared-to-offer-crypto-custody-services/
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