OCC bestows First Federal Crypto Bank on Anchorage

OCC bestows First Federal Crypto Bank on Anchorage

  • Anchorage becomes the first national cryptocurrency bank.
  • Letters from the Office of the Comptroller of the Currency aim to help banks solve financial crisis.
  • With the new charge, Anchorage is expected to yield to the OCC’s standard.

The OCC has declared Anchorage a National bank on Wednesday after granting it the federal charter. The move is first spearheaded by the OCC Acting Head,  Brian Brooks, who is notably pro-crypto. In his statements, the OCC head continually reiterates the importance of crypto banks. According to him, fiat is soon to be a relic of the past. Crypto banks that hold stablecoins and allow the interactions of cryptocurrencies are positioned to save the day. He also believes that blockchain is the future of banking.

OCC uses the same charter application standards

The statement released by the OCC shows that the same stringent standards used in regular charter applications applied to Anchorage too. The one-of-a-kind decision to grant the crypto custodian bank a charter also shows open-mindedness as financial services expand past traditional descriptions.

The move has been described as a great way for crypto start-ups to plug into the financial system. The President of the crypto bank, Diogo Mónica, has also lauded it. The releases indicate that the OCC remains continually geared towards integrating banks with blockchain technology.

Other applications precede OCC decision

Anchorage, the Visa backed company founded in 2017, isn’t the first to apply to seek an OCC charter. Paxos and Bitpay have also filed their own applications.

 However, this might be the last big decision spearheaded by the acting Comptroller. Information from the OCC indicates Brian P. Brooks announced his move to step down. After his eight-month run, Brooks will be replaced by Blake Paulson, who will be the new acting Comptroller.

 

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