OCC approaches crypto-related activities 'very carefully' - report says

While U.S. banking regulators continue to explore ways to regulate digital assets amid increased crypto interest, the Office of the Comptroller of the Currency says it's approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same, according to the OCC's Semiannual Risk Perspective report for the fall of this year. Still, "distributed ledger technology and digital assets, including stablecoins and other crypto-assets, may broaden delivery channels and the functionality of financial services," the report says. Regulated banks and institutions should check with their OCC supervisor before offering any services in the crypto space, according to the report. Some of these services include custody, derivatives products and access to third-party digital asset products. In addition, the OCC points to the President's Working Group on Financial markets recently introducing its "crypto sprint" initiative as additional insight to