• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Cryptos

Banks must meet certain criteria before dealing with crypto, says US regulator

Olumide Adesina by Olumide Adesina
November 26, 2021
in Cryptos, Spotlight
Crypto market

cryptocurrency

Share on FacebookShare on TwitterShare on Linkedin

National banks and federal savings associations based in the world’s largest economy, the United States, must meet specific conditions before engaging in cryptocurrency activities, according to the Office of the Comptroller of the Currency (OCC).

In order to engage in certain cryptocurrency, distributed ledger and stablecoin activities, national banks and federal thrift institutions must show that they have adequate controls in place.

Additionally, the OCC clarifies that issues previously covered in interpretive letters issued in 2020 and early 2021.

RelatedStories

Bitcoin

Bitcoin soars past $121K, smashing records with no end in sight

July 14, 2025
Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025

After notifying their supervisory office, banks can provide cryptocurrency custody services, hold dollar deposits that support stablecoins, act as nodes for distributed ledgers to validate payments, and participate in specific stablecoin activities to facilitate payments on blockchain networks.

Read: US SEC reportedly investigates decentralized exchange, Uniswap

The letter clarifies that the activities addressed in previous interpretive letters may be conducted if a bank notifies its supervisory office of its intention to engage in the activities and after the supervisory office confirms that the activities are not objectionable. Until it receives a non-objection from its supervisory office, the bank should not engage in the activity.

According to Michael J. Hsu, the Acting Comptroller of the Currency, “OCC’s regulatory measures are designed to ensure that financial institutions in its sphere operate safely and responsibly.

Read: Nobody is going to ban Bitcoin – US Bank regulator

“Banks must be able to demonstrate that they have reasonable risk management systems and controls in place in order to safely implement these technologies and products. In this way, we can ensure that crypto-asset activities conducted within Federal regulatory perimeters are done responsibly.”

A report last month indicated that U.S. regulators were partnering to develop clearer rules, such as letting banks hold crypto assets on their balance sheets and enabling them to facilitate crypto trading for their clients.

Tags: CryptocurrencyFederal savings associationsMichael J. HsuOCCOffice of the Comptroller of the Currency
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

Related Posts

Bitcoin
Cryptos

Bitcoin soars past $121K, smashing records with no end in sight

July 14, 2025
Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro
Digital Media

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025
Bitcoin
Cryptos

Bitcoin surges to record $112K amid institutional demand 

July 10, 2025
Memecoins led the industry in Q2 2024 and total crypto market cap fell by 14% — Report
Cryptos

FATF raises alarm over rising illicit crypto use globally, urges stronger regulation  

June 26, 2025
SEC warns Nigerians against unregistered trading platform CMTrading 
Cryptos

SEC warns Nigerians against unregistered trading platform CMTrading 

June 21, 2025
Nigeria’s Justice System is Ruining Investment Confidence – Johnson Chukwu Shares His Story On Talknomics
Digital Media

Nigeria’s Justice System is Ruining Investment Confidence – Johnson Chukwu Shares His Story On Talknomics

June 14, 2025
Next Post
Best altcoins to replace bitcoin’s blunder: HUH Token and Shiba Inu

How HUH Token can compete with the dastardly Dogecoin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • BREAKING: GTCO becomes first banking stock to cross N100 on NGX 
  • Analysts predict naira won’t drop beyond N1,600 in H2 2025, cite reasons 
  • Beyond Hype: Building an AI-Ready business in Africa 

Follow us on social media:

Recent News

Breaking news

BREAKING: GTCO becomes first banking stock to cross N100 on NGX 

July 16, 2025

Analysts predict naira won’t drop beyond N1,600 in H2 2025, cite reasons 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics