Bank of America approved by OCC to engage in cryptocurrency intermediary services

According to Bloomberg Law, the new guidelines from the Office of the Comptroller of the Currency (OCC) allow U.S. banks to provide intermediary services for cryptocurrency transactions, further clarifying how traditional lending institutions can legally participate in digital asset trading.

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