American banks can now store cryptocurrencies.

Currency (OCC), the independent office of the US Treasury Department, released a public letter today explaining that national banks and federal savings associations have the right to hold cryptocurrency assets. US federally licensed banks and savings banks can legally store crypto assets for customers, whether they hold keys or provide other cryptocurrency storage and protection services. "From safe deposit boxes to virtual vaults, we need to ensure that banks can meet their financial services needs today," said acting currency controller Brian P. Brooks in the release. Brooks joined a government agency after leaving Coinbase in April this year and sold Coinbase for $ 4.6 million. The new regulations ensure that banks will be able to meet their clients' security needs and leave room for banks to further develop more technologically advanced methods and services.

The cryptocurrency analyst Coin Center, which has advocated this step for years, praised the announcement in a post on the blog. According to the Coin Center, while cryptocurrency allows users to manage their own money without the need for a central broker such as a bank, some customers may still want additional bank protection, especially for larger amounts.

"Accepting that centralized cryptocurrency protection and custody is inevitable and necessary, it's great news that the new OCC policy will make competition for these services even greater," wrote Coin Center Research Director Peter Van Valkenburgh. "Domestic banks that come into play are increasing this competition and may also allow more traditional institutional investors to trade cryptocurrencies."



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