January 16, 2021, 4:19:07 AM

Anchorage Becomes first “digital asset bank” in the U.S.

Anchorage Becomes first “digital asset bank” in the U.S.

U.S. Office of the Comptroller of the Currency (OCC), a part of the Treasury Department charged with keeping banks safe but also competitive, has issued three interpretative letters that lay the groundwork for banks to custody crypto, participate in blockchain networks and become crypto payment providers. Crypto custodian Anchorage stated in a blog post accompanying the announcement that its new federally chartered bank “unequivocally will meet the definition of Qualified Custodian.” Qualified custodians are legal entities in the U.S. that maintain client funds and hold securities in specific, defined ways. Federal regulators like the Securities and Exchange Commission (SEC) can designate entities as qualified custodians, while state regulators cannot. Read whole story from CoinDesk.