Crypto custodian Anchorage to receive national trust charter approval

Thursday 14 January 2021 14:38 CET | News

Crypto custodian Anchorage has secured conditional approval for a national trust charter from the US Office of the Comptroller of the Currency (OCC).

This makes it the first national digital asset bank in the US. The OCC, a part of the Treasury Department charged with keeping banks safe but also competitive, has now issued three interpretative letters that lay the groundwork for banks to custody crypto, participate in blockchain networks and become payment providers using the tech.

In granting this charter, the OCC applied the same rigorous review and standards applied to all charter applications. As Anchorage declared, they are a national bank, the only difference being their business line, which works with crypto assets.

Anchorage’s trust company unit first applied for a national charter from the OCC in November 2020. The process of applying for a national charter was made easier by the fact that the startup was already operating as a registered trust company in South Dakota.

The advantages of granting crypto companies a bank charter are clear: rather than require companies to apply for 49 state money transmitter licenses piecemeal, a national charter will allow businesses to operate throughout the country at once. It also lets Anchorage develop new services.

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Keywords: Anchorage, cryptocurrencies, blockchain, digital assets, digital banks, banking, crypto custody, bank charters
Categories: DeFi & Crypto & Web3
Countries: United States
This article is part of category

DeFi & Crypto & Web3