The Federal Reserve, FDIC and Office of the Comptroller of the Currency today released a joint statement on potential risk-management considerations related to holding crypto-assets on their customers’ behalf, or crypto-asset safekeeping. The statement discusses how existing laws, regulations and risk-management principles apply to safekeeping and does not create new supervisory expectations, according to the agencies.
Among other things, the agencies said that banks contemplating providing safekeeping for crypto-assets should consider the evolving nature of the crypto market and implement a risk governance framework that appropriately adapts to relevant risks. “Providing crypto-asset safekeeping services may entail significant resources and attention, such as developing or procuring new technology, establishing a strong control environment, and ensuring staff have appropriate technical expertise,” they said.
The agencies said they will continue to explore ways to provide additional clarity about bank engagement in crypto-related activities.
