The federal banking agencies issued a joint statement to provide clarity on banks' engagement in cryptoasset-related activities, highlighting potential risk-management considerations related to holding cryptoassets on customers' behalf.
Agencies issue statement on cryptoasset safekeeping
July 15, 2025 / By ICBA
The federal banking agencies issued a joint statement to provide clarity on banks' engagement in cryptoasset-related activities, highlighting potential risk-management considerations related to holding cryptoassets on customers' behalf.
The federal banking agencies issued a joint statement to provide clarity on banks' engagement in cryptoasset-related activities, highlighting potential risk-management considerations related to holding cryptoassets on customers' behalf.
Details: The statement:
Covers areas of cryptographic key management, additional risk considerations, legal and compliance risk, third-party risk management, and audit.
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.
Does not create any new supervisory expectations.
What This Means for Community Banks: The statement provides the most comprehensive framework to date, but there may be more regulatory developments forthcoming. Per President Donald Trump’s January executive order, the Working Group on Digital Asset Markets is expected to deliver a report next week with regulatory proposals to support the growth of the digital assets ecosystem.
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