TLDR Breakdown
- Anchorage has filed with the US OCC for a banking license.
- The license will enable the company to operate across the country as a qualified custodian.
Crytpo custodian, Anchorage files for bank charter with OCC
Cryptocurrency companies are beginning to step up their services with the acquisition of banking licenses. Recently, digital currency exchange Kraken and Avanti filed and obtained a state banking charter from the United States’ Wyoming regular. Today, reports informed that Anchorage has joined the trend, raising its move by filing for a national banking charter. If approved, the digital assets custody company can do business in all the states as a qualified custodian.
Mor crypto banking companies
The crypto custodian filed with the United States Office of the Comptroller of the Currency (OCC) on November 9. The company is seeking a national banking charter, which will enable it to provide custody services for institutions across the country. Additionally, the national charter will raise the company’s status as a “qualified custodian” following the recent rule from the US Securities and Exchange Commission (SEC).
As the founder of Avanti, Caitlin Long, shared on Twitter on Tuesday, crypto custodians in the country operating with start trust charters need to obtain banking charters. This follows a recent update from the SEC last week, which raised doubts on whether entities with trust licenses can be categorized as “qualified custodian,” given that they undergo less stringent regulation than banks. The development comes amid the recent clarity made on digital assets custody by the OCC.
“Anchorage is encouraged by the recent positive progress out of the OCC with respect to regulatory clarity around custody of digital assets,” the CEO of Anchorage, Nathan McCauley.
Anchorage is joining Kraken and Avanti
As recently as October 29, Avanti was awarded a banking charter by the Wyoming State Banking Board after an 8-0 supporting vote. The company planned to provide digital currency custody and online banking services following the regulators’ approval. Likewise, cryptocurrency exchange, Kraken, was awarded a similar bank charter by the regulator, making the exchange the first making it the first company with such a license.
