The conditional permissions make it possible for big crypto businesses to work as national trust banks under the watchful eye of the US OCC.
Five businesses connected to the digital assets market have been conditionally permitted by the US Office of the Comptroller of the Currency to open national banks.
The OCC stated on Friday that it has provisionally cleared BitGo, Fidelity, and Paxos to turn their state-level trust firms into federally chartered national trust banks. The regulator also noted in the same announcement that it had conditionally approved new applications from Circle and Ripple for national trust bank charters.
OCC highlights benefits for economy and banking sector
“The introduction of new participants into the federal banking sector benefits consumers, the banking industry, and the broader economy,” stated Jonathan Gould, the Comptroller of the Currency. He further commented, “The OCC remains committed to facilitating both conventional and novel approaches to financial services, thereby ensuring the federal banking system adapts to the evolving financial landscape and supports a contemporary economy.”