Federal Reserve Board – Agencies issue joint statement on risk-management considerations for crypto-asset safekeeping

Federal bank regulatory agencies today issued a joint statement in their continued efforts to provide clarity on banks’ engagement in crypto-asset-related activities. The statement highlights for banks potential risk-management considerations related to holding crypto-assets on their customers’ behalf, or crypto-asset safekeeping.

The joint statement discusses existing risk-management principles that apply to crypto-asset safekeeping and reminds banks that provide or are considering providing safekeeping of such assets that they must do so in a safe and sound manner and in compliance with applicable laws and regulations.

The statement does not create any new supervisory expectations. The agencies continue to explore ways to provide additional clarity with respect to banks’ engagement in crypto-asset-related activities.