Aegis Custody Clears Hurdle in Bid for South Dakota Trust Charter

South Dakota Representative Logan Manhart declared on February 4 that his state may soon become the first in the nation to pass a strategic Bitcoin reserve (SBR) bill, citing South Dakota’s notably short legislative session and an imminent deadline in mid-March. “South Dakota has one of the shortest legislative sessions in the country. It is […]

Firms could potentially become federally chartered banks allowed to provide crypto custody services by converting their business charters. Acting Comptroller of the Currency Brian Brooks — soon to be confirmed in the role full time — has revealed another way for U.S. crypto custody providers to receive a charter to operate as a federally-approved bank.In a Nov. 17 interview with Forbes, Brooks stated that there are currently three methods for payment companies to become a federally chartered bank. The first option is to apply for a non-depository national bank charter, and the other two....

The stablecoin issuer has nabbed a banking license, but it doesn't mean they'll be doing any banking in the traditional sense. The U.S. Office of the Comptroller of the Currency (OCC) has granted today stablecoin company and PayPal collaborator Paxos a federal charter to form a national trust bank — just the third such charter the OCC has granted crypto-native companies. Paxos joins custody firm Achorage, who was the first to receive a charter in January, and fellow custodian Protego, which received their conditional charter in February. As with the previous two charters, the “bank” label....

With Acting Comptroller Brooks on his way out the door, the OCC has given its first digital bank charter. Custody pioneer Anchorage is the first crypto firm to see a charter from the U.S. national bank regulator.Per a Wednesday announcement from the Office of the Comptroller of the Currency, Anchorage will have conditional authorization to operate as a trust institution nationally.Per the announcement, Anchorage's continued charter will hinge upon unique requirements:"As an enforceable condition of approval, the company entered into an operating agreement which sets forth, among other....

Crypto exchanges Coinbase and BitGo have previously received trust charters from New York's financial regulator, allowing the firms to offer crypto custody services. Crypto exchange FTX US has applied for a trust charter with the New York Department of Financial Services, or NYDFS, to operate in the state. In a Wednesday announcement, FTX US said it had applied to form a limited purpose trust company with New York's financial services regulator in an effort to offer its products and services to local users. Pending regulatory review and approval, the licensed trust will be run by Fidelity....