``` The OCC has granted approval to US Bank to engage in cryptocurrency custody services. ```

BlockBeats News, December 10th, according to Bloomberg Law report, under the new guidance from the Office of the Comptroller of the Currency (OCC), U.S. banks are now allowed to provide cryptocurrency custody services as a service provider, further clarifying how traditional financial institutions can legally participate in digital asset transactions. The OCC memo stated that banks can act as a custodian, buying assets from one trading party and selling them to another. During this process, the financial institution will not hold any cryptocurrency assets.