The US Office of the Comptroller of the Currency (OCC) now permits banks to hold crypto assets specifically for paying blockchain network fees. This move enables federally chartered banks to manage the digital assets needed for blockchain-based transactions under regulated oversight.
The Office of the Comptroller of the Currency (OCC) today confirmed permissible bank activities related to paying crypto-asset network fees.
The OCC published Interpretive Letter 1186 confirming that a national bank may pay network fees, sometimes referred to as “gas fees,” on blockchain networks to facilitate otherwise permissible activities and hold, as principal, amounts of crypto-assets on balance sheet necessary to pay network fees for which the bank anticipates a reasonably foreseeable need.
The OCC also confirms that a national bank may hold amounts of crypto-assets as principal necessary for testing otherwise permissible crypto-asset-related platforms, whether internally developed or acquired from a third party.
As with any activity, a national bank must conduct these activities in a safe and sound manner and in compliance with applicable law.
Related Link – Interpretive Letter 1186 (PDF)
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