Coinbase Applies For National Trust Charter To Bolster Payments Business – De...

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....

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 […]

Protego joins Anchorage as the first string of digital asset firms to get national trust bank licensing. The Office of the Comptroller of the Currency has granted another crypto firm a national charter.Per an announcement shared with Cointelegraph today, Washington-based institutional crypto custodian Protego is the second crypto-native firm to get national licensing from the OCC. The new charter is conditional, and Protego is authorized as a national trust bank rather than a traditional bank, meaning that it will not handle deposits. Interestingly, Protego is a relatively new firm and is....

If granted, the charter would replace the blockchain-based lender's hodgepodge of state licenses with a single nationwide regulator.

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....