Anchorage becomes the first federally chartered digital-asset bank in the United States

The Office of the Comptroller of the Currency (OCC), part of the U.S. Department of the Treasury, approved Anchorage’s bid to obtain a nationwide digital-asset bank license.

This became possible after the regulator allowed banks to hold collateral for stablecoins and keys to clients’ cryptocurrency wallets on behalf of customers.

In early 2021, the OCC gave financial institutions the ability to use public blockchains and stablecoins for settlement. Thanks to these steps, financial institutions gained the ability to custody, manage and trade digital assets.

“Anchorage is a national bank just like any other. The only difference is that we deal with crypto assets,” said Diogo Monica, the company’s president.

OCC head Brian Brooks, who spearheaded the rapprochement between the crypto industry and the traditional banking world, is convinced that fiat will eventually become a thing of the past. He believes that banks and financial services more broadly will migrate to blockchain.

Apart from Anchorage, similar applications for nationwide trust-bank licenses were filed by BitPay and Paxos.

Last year, the Wyoming State Banking Board granted the Bitcoin exchange Kraken and the cryptocurrency startup Avanti designation as a special-purpose depository institution (SPDI) with functions of a traditional financial institution.

Georgia Quinn, Anchorage’s head of the legal department, said the license did not take long to obtain, as the custodian already operates as a regulated trust company in South Dakota. It has an operating history, and developed policies and procedures.

“A federal bank license will enable us to offer staking and lending services. The company will essentially be able to interact with the financial system. We can engage in any activity, as traditional banks do, but with crypto assets,” explained Monica.

In the blog, the newly minted “digital asset bank” said that the OCC license means Anchorage can be regarded as a qualified custodian. Previously, crypto firms could not count on such a status, which allows working, for instance, with pension funds.

“This recognition shows that not only banks can interact with crypto, but crypto companies can function as banks. This is the most important step yet toward the full modernization of our financial services system,” commented Christine Smith, head of the lobbying group The Blockchain Association.

“Today’s announcement is a recognition that not only can banks engage with crypto, but that crypto companies can function as banks.”

“This is the most important step yet towards the full modernization of our financial services system.” @KMSmithDC https://t.co/eaifPEKvJ2

— Blockchain Association (@BlockchainAssn) January 13, 2021

Earlier this week, rumors surfaced that Brooks would resign by the end of the week.

In November 2020, six members of the U.S. Congress criticized the OCC’s work under Brooks. They argued the regulator paid too much attention to cryptocurrencies.

Earlier it emerged that financier Gary Gensler could take the post as head of the U.S. Securities and Exchange Commission.

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