OCC OKs Anchorage As 1st Federally Chartered Crypto Bank

Law360 (January 13, 2021, 10:13 PM EST) -- The Office of the Comptroller of the Currency said Wednesday that it has conditionally approved cryptocurrency custody provider Anchorage for a national trust bank charter, positioning the new Anchorage Digital Bank NA to become what the startup is calling the first-ever federally chartered digital asset bank.

The San Francisco-headquartered Anchorage already offers crypto custody services in certain states through its South Dakota-chartered trust company, Anchorage Trust Co., but it has been pursuing a conversion to a federal charter that will allow it to expand its offerings nationally and trade in state-by-state regulation for oversight by the OCC.

In a statement, the...

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