NCUA Adds New Section on Financial Technology, FAQs on Cryptocurrency and Digital Assets

Today the National Credit Union Administration added to its public website a new section on financial technology. In response to inquiries received from stakeholders, the update includes new frequently asked questions about share insurance coverage and custody for cryptocurrencies and digital assets on NCUA.gov and MyCreditUnion.gov.

The frequently asked questions make it clear that the National Credit Union Share Insurance Fund, administered by the NCUA, does not insure digital assets or cryptocurrencies. By federal law, the Share Insurance Fund only insures shares and deposits held in federally insured credit unions.

The frequently asked questions also clarify that federal credit unions are not authorized to serve as a custodian for cryptocurrencies and other digital assets. Whether federally insured, state-chartered credit unions chartered in a particular state have the authority to serve as a custodian for cryptocurrencies and other digital assets depends on state law and regulation.

To learn more, visit Frequently Asked Questions About Share Insurance.