The Office of the Comptroller of the Currency (OCC) has provided conditional approval to Anchorage Digital Bank National Association, the first federally chartered digital asset bank in history.
This development was revealed by the federally chartered crypto bank via its Twitter handle.
It tweeted, “Crypto deserves a bank, and we are immensely proud of being approved as the one to set the standard.”
"Crypto deserves a bank, and we are immensely proud of being approved as the one to set the standard." –@diogomonica and @nathanmccauley
Read the full announcement 👇👇https://t.co/0bvQHtCbCj
— Anchorage Digital (@Anchorage) January 13, 2021
Having such a license places Anchorage Digital Bank firmly on the same regulatory footing as other American national banks in the country.
That said, the Crypto bank will be apple to offer unique services such as sub-custody services within reach for any traditional financial bank that wishes to offer customers access to Crypto assets.
Such a banking charter is the first seen in modern history, as the new Crypto bank continued that saying the banking charter will hinge upon unique requirements:
“As an enforceable condition of approval, the company entered into an operating agreement which sets forth, among other things, capital and liquidity requirements and the OCC’s risk management expectations.”