The Office of the Comptroller of the Currency today issued an interpretive letter stating that national banks are permitted to hold small amounts of crypto assets, as principal, to pay fees used to cover transaction costs on cryptocurrency networks.
According to an OCC statement, the letter states that a national bank may pay network fees, also known as “gas fees,” on blockchain networks to facilitate otherwise permissible activities. A bank may also hold, as principal, amounts of crypto assets on its balance sheet necessary to pay network fees for which it anticipates a reasonably foreseeable need.
In addition, a national bank may hold amounts of crypto assets as principal necessary for testing otherwise permissible crypto asset-related platforms, whether internally developed or acquired from a third party, according to the OCC.
“As with any activity, a national bank must conduct these activities in a safe and sound manner and in compliance with applicable law,” OCC said.
