U.S. Office of the Comptroller of the Currency: Banks can hold and use cryptoassets to pay for blockchain networks

PANews reported on November 19 that the U.S. Office of the Comptroller of the Currency (OCC) issued Interpretation Letter 1186, confirming that national banks can hold and use cryptoassets as principal to pay blockchain network fees (such as "Gas fees") to support their legitimate activities and operations. In addition, banks can also hold crypto assets used to test self-developed or third-party platforms. The OCC emphasizes that relevant operations must be conducted in compliance with regulations and sound operations.

Fox reporter Eleanor Terrett commented that two years ago, prudential regulators warned banks that directly issuing or holding public chain encrypted assets "is most likely to be inconsistent with sound banking practices." Now that the U.S. OCC has confirmed that banks can legally hold and use them to pay network fees, the industry has changed dramatically.

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