Summary
- The U.S. Office of the Comptroller of the Currency (OCC) is reported to have conditionally approved Ripple (Ripple)'s application to establish a 'National Trust Bank'.
- The OCC said it also conditionally approved the establishment of trust banks by major digital asset firms such as BitGo, Fidelity Digital Assets, Paxos, and Circle, in addition to Ripple.
- Market observers say a federal-level license could provide an institutional basis for digital asset firms' custody, reserve management, and payment infrastructure development.
The U.S. Office of the Comptroller of the Currency (OCC) is reported to have conditionally approved Ripple (Ripple)'s application to establish a 'National Trust Bank'. On the 12th (local time), crypto-focused media CryptoBriefing reported that the OCC also conditionally approved the establishment of trust banks by major digital asset (cryptocurrency) firms such as BitGo, Fidelity Digital Assets, Paxos, and Circle, in addition to Ripple.
Trust banks, unlike ordinary commercial banks, focus on specific tasks such as custody and trusts, and some traditional banking services like deposit-taking and lending are restricted. Market observers say a federal-level license could provide an institutional basis for digital asset firms' custody, reserve management, and payment infrastructure development.
Meanwhile, Paxos has previously been reported to have received a 'conditional approval' (preliminary conditional approval) from the OCC related to a National Trust Bank.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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