This poses several challenges for banks looking to roll out custodial services, the most significant being an increased capital charge on the digital assets on the balance sheet. Published in 2022, SAB provides that financial institutions offering digital asset custody services are required to include the asset on their balance sheets. According to Matt Walsh, an executive at Castle Island Venture Capital, the chief stumbling block against banks offering custodial services lies with the SEC’s Staff Accounting Bulletin No. Securities and Exchange Commission (SEC) have continued to affect the ability of top banks in the country to offer crypto custody services.
banks are barred from getting any skin in the game by the country’s securities watchdog.
The market capitalization of the virtual currency industry has surpassed the $1 trillion mark.
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