Cryptocurrency company Anchorage received a license from the United States Comptroller of the Currency (OCC) to conduct banking activities in the country.
Anchorage was the first company to receive a federal license to launch a digital bank. Under the license, the company received the status of a qualified custodian – clients’ funds will be kept in accordance with the requirements of the US Securities and Exchange Commission (SEC).
“OCC issued a national banking license to Anchorage after extensive research into the company and its operations. As a prerequisite, the company entered into an operating agreement, which, among other things, spells out capital and liquidity requirements, as well as OCC’s expectations regarding risk management, ”the regulator said in a statement.
Anchorage will launch the Anchorage Digital Bank, which will be able to provide its clients with services for the storage and work with digital assets. The bank will “provide regulatory certainty for large-scale institutional participation” in the cryptocurrency industry.
Note that at the moment, OCC is considering two more applications for a federal banking license, which were submitted by cryptocurrency companies Bitpay and Paxos.