US bank regulator reaffirms banks can engage in some crypto activities

WASHINGTON, March 7 (Reuters) - The U.S. regulator overseeing national banks clarified on Friday that banks can engage in some crypto activities, and removed expectations firms should receive advance permission from regulators before doing so.

The Office of the Comptroller of the Currency said in a statement that national banks are permitted to engage in some crypto activities, such as crypto-asset custody, some stablecoin activities, and participation in distributed ledger networks.

The OCC also rescinded prior guidance telling banks they should clear any crypto activities with regulators beforehand, including showing they have adequate controls in place for that business.