BTC $43273.91 (1.45%)
ETH $3059.47 (5.01%)
USDT $1.00 (-0.0%)
BCH $511.39 (-0.9%)
BSV $130.04 (-3.6%)
LTC $152.04 (-0.0%)
BNB $349.79 (-0.0%)
ADA $2.25 (-4.9%)
DOGE $0.20 (-1.2%)
BTC $43273.91 (1.45%)
ETH $3059.47 (5.01%)
USDT $1.00 (-0.0%)
BCH $511.39 (-0.9%)
BSV $130.04 (-3.6%)
LTC $152.04 (-0.0%)
BNB $349.79 (-0.0%)
ADA $2.25 (-4.9%)
DOGE $0.20 (-1.2%)

US OCC Names Anchorage as First National Crypto Bank

US OCC Names Anchorage as First National Crypto Bank
  • The US OCC has named Anchorage as the first national trust charter bank.
  • Before the approval, the OCC enrolled a daily review of Anchorage’s operations.

According to a press release, the US Office of the Comptroller of the Currency (OCC) has approved Anchorage as the first national trust charter bank.

Anchorage applied to secure a national charter from the OCC in November last year. As a result, the company joined Kraken and Avanti to show that it is capable of performing its tasks.

Right after Anchorage’s application, Bitpay and Paxos also submitted a letter to obtain federal charters via the OCC.

OCC operates as a federal agency in the US. In other words, It oversees the execution of financial related laws relating to national banks in the country.

Furthermore, OCC has issued three interpretative letters that mainly enable banks to become crypto custodians, payment companies, etc. Before approving, the OCC audited Anchorage’s company.

Anchorage replied through a tweet:

Consequently, the OCC remarked that by introducing Anchorage to the federal banking system, banks and industries will experience its supervision. This will pave the way for central banks to get access to blockchain technology and possibly become crypto payment providers.

Aslo, Anchorage’s approval shows that regulations governing obtaining national banks charter under the National bank Act are arguably flexible.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.