Circle, Bitgo, Coinbase and Paxos plans to apply for bank licenses or similar statements: Report
Four major encryption companies seek to obtain different banking licenses in a strategic effort to integrate digital assets with traditional financial systems, according to a new report in Wall Street Journal.
According to wsj a reportCircle-heeuer Circle and BITGO USDC follow the charters of federal banks that allow them to work as traditional lending institutions, and provide deposit and loans services.
The report also says that Coinbase and Paxos explore “similar moves”.
Currently, Anchorage Digital stands as the only encryption company that carries a charter for the Federal Bank, highlighting the large compliance obstacles facing digital asset companies.
Once again in 2022, the marina was I command By the Currency Observer Office (OCC) to improve its controls on the customer’s due care, monitoring the activity of the client and other anti -washing measures.
Last week, according to a report issued by the EL DORADO work band of the Ministry of Internal Security, the EL Dorado workplace of the Ministry of Internal Security, which fights money laundering and other financial crimes, I called Anchorage bank employees to inquire about the company’s practices and policies.
The report was martyred with unknown sources “familiar with the investigation.” The specific cause of the investigation is still unclear.
Anchorage CEO Nathan McCalli says in compliance with federal regulations,
“It was not easy … [the] A whole series of organizational obligations and compliance that banks can intertwine with the encryption industry. “
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