US Treasury’s OCC approved first crypto bank

The Anchorage banking charter is an essential advancement in the cryptocurrency industry in the country

US crypto bank

US Treasury’s OCC approved first crypto bank. Source: shutterstock.com

Anchorage can now operate as a Crypto Bank, according to Bitcoin.com. The move comes after the crypto custodian was granted a Federal license by the US Office of the Controller of the Currency. The license grants the firm permission to launch the initial chartered digital asset bank in the United States.

The national trust banking charter which was granted following a comprehensive review of the firm’s operations allows it to create Anchorage Digital Bank.

Anchorage will now be expected to perform its activities as per stated risk management procedures not forgetting liquidity and capital demands.

The industry and the bank will gain from the OCC’s comprehensive supervisory expertise and experience.

The approval shows that the bank charters are flexible to take on the constantly evolving financial services globally.

Anchorage, which provides trading services and crypto custody is said to manage approximately $100 billion transactions annually.

The license places Anchorage Digital Bank on similar regulatory requirements as other national banks countrywide.

While Avanti and Kraken received digital asset banks licenses in 2020, the two can trade nationally, albeit under limits. Anchorage is the first cryptocurrency company to be granted a federal charter.

We’ve reported that the Financial Conduct Authority warned that Bitcoin users could lose their investments.

SEE ALSO: