The digital bank, FV Bank received approval from the OCC to allow crypto custody services into their banking services.
Clients can now deposit bitcoin, ethereum, ripple, and serval ERC tokens into their accounts as an insured custody by the bank. They will also be able to use the bank’s existing FV Net platform to exchange crypto for fiat and store their coins safely.
FV Bank, originally a created for Fintech businesses, received feedback from the Puerto Rican community to offer this service. So, they sought out ways to offer a safe and convenient way to offer crypto custody to their clients.
“When the OCC came out with their opinion back in July, we saw that as an opening and went to our regulator and sought clarification and permission as a bank to provide custodial services to our customers,” FV Bank CEO Miles Paschini said in an interview. “Our goal is to allow anyone, from an individual to an institution, to custody their digital assets and also have seamless banking services related to that custody.”
The OCC announced on July 22nd that all federally-charged banks will now be allowed to offer crypto custodies to their client.
The Comptroller for the Currency, Brian Brooks stated, “”This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”
After this announcement, the OCC revealed coming regulations by 2021 that might allow banks to connect to blockchain networks. The U.S. Treasury department added to the regulations, proposing KYC information be made mandatory for self-hosted wallets, as well as required transactions reports from cryptocurrency exchanges.