Crypto custodian services have been declared legal for US banks

The Office of monetary circulation control have reported this. The senior deputy head of the office Johanathan Guld said that national banks had been provided with a permission for crypto storage service and storage of crypto wallets’ keys as well.

American crypto industry has received a boost

Up to this moment, only crypto exchanges like Coinbase, Gemini and Kraken have been licensed for such activities.

But with the new approach, the industry will involve regulated institutional firms offering similar services.

Before getting clearance, JP Morgan Chase Bank was the only bank that could provide crypto storage.

The OCC report reaffirms the position on that national banks can deliver such services to any legal business including crypto firms.

The Twitter crypto community was encouraged by this news, despite some of them suppose that storing crypto assets in banks contradicts the very concept of crypto. Still many of them welcomed the idea because this would enable more retail investors enter the market.

The official crypto storage services approved by regulators are representing a new stage as they make it easier to participate in crypto investments.