Paxos Becomes Latest Crypto Firm to File for Federal Bank Charter

The digital currency and stablecoin issuer Paxos has been granted conditional approval for a bank charter under the Paxos National Trust in New York. The U.S. Office of the Comptroller of the Currency issued a preliminary conditional approval which means the regulating entity still has to authorize the firm’s future banking plans. Paxos Granted Preliminary Conditional Approval for a US Bank Charter The New York-based financial institution and technology company Paxos has been granted preliminary conditional approval for a bank charter by the Office of the Comptroller of the Currency....

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....

The stablecoin issuer and PayPal partner wants to increase its range and scope of services by becoming the first crypto services provider to be regulated at both state and federal levels. Stablecoin creator and crypto services provider Paxos filed an application to open a national bank on Wednesday. If approved, the pioneering Paxos General Trust will be headquartered in New York, licensed to hold cryptocurrencies and execute the duties of a regular trust bank.According to a blog post on the Paxos website, being granted a national trust bank charter from the U.S. government would broaden....

Singapore-based cryptocurrency exchange Crypto.com (CRO) announced on Friday its intention to apply for a national trust bank charter with the US Office of the Comptroller of the Currency (OCC).  This move aligns Crypto.com with other major firms in the industry, including Coinbase (COIN), Ripple Labs, stablecoin issuer Paxos, and Sony Bank, who are also pursuing […]

The stablecoin issuer said the regulatory approval would help support its partners in expanding services into Asia. The Monetary Authority of Singapore, or MAS, has granted stablecoin issuer Paxos regulatory approval to offer crypto services to local companies.In a Thursday announcement, Paxos said it had received a license from Singapore’s financial regulator allowing the firm to provide blockchain and crypto services under the country’s Payment Services Act. The stablecoin issuer said the regulatory approval would help support its partners in expanding services into Asia.“We’re excited....