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Credit Unions Seek Regulator Approval to Hold Crypto Assets

Russia's Minto Cryptocurrency Mining Farm
Photographer: Andrey Rudakov/Bloomberg
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Credit unions are looking for approval to hold digital assets like Bitcoin directly, after a federal regulator clarified they can provide cryptocurrency services to customers by partnering with third parties. 

The National Credit Union Administration (NCUA) said in a letter published last week that credit unions with federally insured deposits can team up with third-party crypto service providers to allow their members to buy, sell, and hold digital assets--as long as certain conditions are met. The guidance is indicative of a broader trend toward the traditional financial services industry increasingly embracing digital assets as the space grows and matures.