One of America’s biggest pro-crypto lobby groups has launched a bid to persuade regulators to help adoption – opening the door for banks to get involved in crypto-powered finance and accept privacy coins too.
The call came in an open letter from Coin Center to the American Office of the Comptroller of the Currency (OCC)’s National Bank and Federal Savings Association Digital Activities.
Coin Center, based in Washington DC, represents the interest of a large number of key crypto players, including Circle, eToro, Overstock, Kraken and the Ethereum Foundation.
The comments were penned by the Coin Center Director of Research Peter Van Valkenburgh (also a member of the ZCash Foundation’s board), who wrote on Twitter,
“Digital asset safekeeping services will play an essential role alongside self-custody in ensuring that Americans are never dependent on any particular institution or personal device to protect their wealth and financial independence.”
Crypto custody is set to take off in the USA after the OCC last month clarified its stance on the matter, stating that both banks and federal savings associations are allowed to hold their clients’ digital assets. The move was described by one analyst as “insanely bullish” while others warned about potential risks to Bitcoin (BTC).
Crypto custody is also set to take off in South Korea, with banks keen to move into the sector as quickly as possible – possibly gobbling up the business of a number of smaller and medium-sized crypto players.
As previously reported, last month NH Bank – one of South Korea’s biggest commercial banks – announced it would begin offering crypto custody for institutional investors, with others expected to follow suit in the coming months.