The OCC has 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 confirmed 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.

Author: sdbrownlow

Student of Design