The Anchorage cryptocurrency custody service becomes the first U.S. crypto-bank to be nationally approved by regulators. A considerable advance for the industry as a whole.
A national first for Anchorage
Anchorage , providing multiple cryptocurrency-related services for institutional investors, becomes the first national “digital asset bank” in the United States . The Bitcoin Profit platform has obtained conditional approval of a national trust charter from the Office of the Comptroller of the Currency (OCC), the regulator of US banks.
Called the Anchorage Digital Bank National Association, this crypto-bank is now authorized to operate as a fiduciary institution at the national level :
“This is an important milestone, not only for us as an organization, but also for the cryptocurrency industry and the financial world in general. The crypto world deserves a bank, and we are extremely proud to have been approved as the standard-setting, ”Anchorage said in its statement .
In an interview with Coindesk media, Anchorage President Diogo Mónica added:
“We are a national bank. The only difference is our line of business, which is to manage crypto-assets versus other assets. The advantage of having a federally chartered bank is that it takes precedence over all state laws. Being regulated by the oldest banking regulator in the United States sends a very clear message. “
A spectacular advance for the industry
For Anchorage and especially for the cryptocurrency industry as a whole, obtaining this charter is a considerable step forward . Little by little, regulators are placing their trust in companies in the sector, which offers increasingly demanded services.
This is certainly just the start of a long line of approvals and efforts from regulators for 2021. The advantage this offers crypto companies is colossal. Rather than scrambling to get a specific license to operate in each state, this national charter allows companies to supply customers across the country .
Obtaining this charter also allows Anchorage to develop new services:
“This means that there is a crypto-native company that offers cryptocurrency related services like lending, staking and is now allowed to be directly connected to the heart of the financial system,” added the Anchorage team.
In the United States, demands for the establishment of national crypto-banks are growing. Last month, the BitPay and Paxos companies both applied for federal charters from the OCC .
In addition, the Kraken exchange established the first crypto bank in the United States in September 2020 , but it can only operate in the state of Wyoming at this time.
In recent months, things have been moving very quickly in the United States. Cryptocurrencies are at the heart of discussions among regulators, and they are genuinely opening up to the industry .