US federal regulators have given the first ever license for a digital asset bank to crypto firm Anchorage, as increased regulatory clarity from the US would serve to legitimize the crypto industry.
A groundbreaking move has been announced on January 13 by the Office of the Comptroller of the Currency (OCC), granting the first-ever conditional approval for a national bank trust charter to crypto custodian Anchorage. This move will effectively make Anchorage the first national crypto or digital asset bank on US soil.
The approval by the OCC, which is an independent part of the US Treasury Department and primarily responsible for the safekeeping and competitive nature of American banks, of a digital bank charter is a milestone for the crypto community.
Banks Opening Up To Crypto
The OCC directive is significant for the entire cryptocurrency industry since it enables big banks and other legacy financial institutions to enter the Bitcoin and crypto market with more confidence and regulatory comfort.
Although large banking institutions might initially utilize Anchorage as a gateway to offer Bitcoin and other cryptocurrencies to their customers. More importantly, however, the ruling opens up the doors for more digital asset firms to apply and be approved as a crypto banking service by the OCC in the foreseeable future.
Just one week earlier, the OCC issued a formal letter approving US banks to use public blockchain networks as well as authorizing the usage of stablecoins for their operations. The OCC further approved for banks to become validators on blockchain networks.
As a federal agency, the OCC stands in stark contrast to some other directives and policy proposals issued by US government agencies. For instance, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has a regulatory proposal requiring reporting of large transactions to self-custody wallets from exchanges. FinCEN has since extended the public’s window to comment and give feedback on the proposal and its final form remains uncertain.
Regulatory Clarity Positive For Crypto
The past few months have seen interesting and groundbreaking in the regulatory environment surrounding crypto and digital assets on US soil. Increased regulatory clarity from the US government would serve to legitimize both cryptocurrencies and the crypto industry as a whole.
Having regulation be implemented in crypto would open the floodgates to larger institutions, such as pension funds and insurance companies to enter the space with trillions, not billions, of dollars in their coffers. In short, it would be a game-changer.
Klever Bank And Klever’s Stablecoins
We at Klever recognize the great opportunities offered by creating a bridge between the world of crypto and the world of fiat currencies in the Klever ecosystem. That is why we are currently building Klever Bank, which will eventually serve as a digital bank for our users worldwide and will come with crypto custody services among many other innovative features.
Stablecoins are becoming a crucial element and an essential part of the crypto ecosystem, and the upcoming Klever Blockchain will serve as home to hundreds of stablecoins to bridge crypto to national fiat currencies around the world.
Klever has also launched our own wrapped Bitcoin (KBTC) and Klever Ethereum (KETH) stablecoins that offer fast, flexible, and very cheap transactions. Try the speed of KBTC and KETH now, which are available for Swap with over 80 trading pairs in Klever Swap.
Director of Communications and Marketing at Klever.io