Bank of America receives OCC approval to conduct cryptocurrency intermediary business

ChainCatcher news, according to Bloomberg Law, under new guidelines from the US Office of the Comptroller of the Currency (OCC), US banks are allowed to provide intermediary services for cryptocurrency transactions, further clarifying the ways in which traditional lending institutions can legally participate in digital asset trading.

The memorandum from the OCC states that banks can act as brokers, purchasing assets from one counterparty and selling those assets to another counterparty. In this process, lending institutions do not hold any crypto assets.