Three are conversions (BitGo, Fidelity, Paxos) and two are new banks (Ripple and Digital Currency).
They are allowed custody and services with cryptocurrencies, but not insured deposits or loans.
The Office of the Comptroller of the Currency (OCC) of the United States, the entity in charge of regulating and supervising both national and federal banks, approved this December 12 five applications for the establishment of national trust banks.
As reported in the official publication of the organization, the approval was awarded to 5 companies linked to the bitcoin (BTC) sector and other cryptocurrencies. These are BitGo, Fidelity Digital Assets, Paxos, Ripple and First National Digital Currency Bank.
As detailed in the OCC statement, the applicants passed a review based on legal and regulatory criteria. Based on this, they are allowed offer custody and other services with cryptocurrenciesexcluding the offer of insured deposits or loans.
In this way, Fidelity Digital Assets and Paxos Trust Company receive conditional authorization to become national trust banks. While Ripple National Trust Bank and First National Digital Currency Bank receive a statute of new (new banks or neobanks).
The Comptroller of the Currency, Jonathan V. Gould, spoke on this topic, for whom “new participants in the federal banking sector are beneficial for consumers, the banking industry and the economy.”
The OCC will continue to provide an avenue for traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with evolving finances and supports a modern economy.
Jonathan V. Gould.
The above means that the five institutions They join around 60 national trust banks that are currently under the supervision of the agency. These are entities that typically offer custody, settlement, and fiduciary services, rather than traditional credit or retail accounts.
In the particular case of cryptoassets, the five authorized entities are provided a clear framework to safeguard digital assetsmanage trusts and serve institutional clients with a single regulator.
New cryptocurrency banks must comply with regulations
It should be remembered that these approvals occur shortly after the OCC release new guidance for US banking. As reported by Criptonoticias, the agency published this week Interpretative Letter 1188 in which banks are allowed to act as intermediaries in operations with bitcoin and cryptocurrencies.
Under this scheme, the bank acts as an intermediary by acquiring an asset from a client and selling it to another counterparty. That is to say, does not keep cryptocurrencies on its balance sheet and operates in a capacity equivalent to that of a broker acting as an agent.
Consequently, the authorization granted supports a model focused on custody, security infrastructure and regulatory compliance. What for most experts means a significant leap in ecosystem regulationafter years of operating outside of regulated environments due to restrictions.
However, as this is a conditional approval, cryptocurrency companies must strive to meet a series of requirements. This, before receiving final authorization.
Among the requirements are capital rules, corporate governance standards and operational controls
What comes next is for each company to complete additional steps before operating under the national statute. Still, the announced decision places BitGo, Fidelity Digital Assets, Paxos, Ripple and First National Digital Currency Bank in a clear and defined regulatory pathway within American banking law.