Crypto custodian Protego gets national charter from the OCC
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....
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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....
If its application is approved, Anchorage would be the first crypto company to get a national bank charter.
The conditional approval from the U.S. banking regulator follows Anchorage's approval last month.
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....
The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approval to crypto custodian Anchorage to launch the first federally chartered digital asset bank in the country. In a statement on Jan. 13, 2021, the OCC said the company received the national trust banking charter, which allows it to create Anchorage Digital Bank, following a thorough review of its operations. With the approval, Anchorage will now be expected to comply with the capital and liquidity requirements of the OCC and certain risk management procedures. The firm signed an agreement with the banking....