US banking regulators outline rules for crypto custody at banks

US banking regulators have detailed how traditional banks can provide crypto custody services, emphasizing risk management and clear control over digital assets. The Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) defined crypto safekeeping as holding assets on behalf of customers after issuing joint guidance on July 14, 2025. Crypto custody refers to a bank’s practice of safeguarding digital assets for clients by controlling transfer credentials, managing access, and setting internal approval procedures. Unlike traditional deposits, crypto assets exist on a blockchain, requiring specialized systems to manage their movement. In their guidance, the regulators specified that to meet the definition of custody, a bank must have sole control over transferring assets.

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