Federal Regulators Try to Give Clarity to Banks Engaged in Crypto Services With Joint Statement

The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Federal Reserve Board issued a joint statement Monday aimed at providing clarity to banks engaged in crypto-asset-related activities.

The statement outlined potential risk-management considerations for banks holding crypto-assets for their customers, and "reminds banks that provide or are considering providing safekeeping of such assets that they must do so in a safe and sound manner and in compliance with applicable laws and regulations," the agencies said.

The joint statement does not create any new supervisory expectations, the agencies said.