Four large crypto areas are looking for different banking licenses in a strategic effort to integrate digital assets with traditional financial systems, according to a new Wall Street Journal report.
According to the WSJ report, USDC-Isuer Circle and Bitgo Federal Bank Charters are after which they would enable them to act as conventional credit institutions, offering deposit services and loans.
The report also says that Coinbase and Paxos are investigating ‘comparable movements’.
Anchorage Digital is currently the only crypto-native company that has a federal bank charter, with the emphasis on the substantial compliance nuisances that are confronted with digital asset companies.
In 2022, Anchorage was ordered by the office of the Current of the Currency (OCC) to improve the controls surrounding the customer diligence, to monitor suspicious customer activity and other anti-money failure measures.
Last week, according to a report from Barron’s, the El Dorado Task Force of the US Department of Interior Security, which fights money laundering and other financial crimes, contacted Anchorage’s employees to inquire about the practices and policy of the company.
The report called anonymous sources “known for the research.” The specific reason for the probe remains unclear.
Says CEO of Anchorage Nathan McCauley to meet the federal regulations,
“It’s not easy … [the] Whole range of legal and compliance obligations that banks have can be intertwined with the crypto industry. “
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