Anchorage Announces First Digital Asset Bank Following OCC Approval
Anchorage Trust Company, a licensed San Francisco-based trust company, has announced its conversion to the first federally registered digital asset bank, Anchorage Digital Bank, following conditional approval from the Office of the Comptroller of the Currency (OCC).
Anchorage co-founders Nathan McCauley and Diogo Monica announced the news in a publication blog on Thursday. Per the announcement, the OCC has granted conditional approval to Anchorage's application for a national trust statute, making the Anchorage Digital Bank National Association the first federally authorized digital asset bank in history.
Nathan McCauley and Diogo Monica wrote:
“This is an important milestone, not only for us as an organization, but also for the crypto industry and the financial world in general. Cryptocurrencies deserve a bank and we are immensely proud to have been approved as the ones that set the standard.
Anchorage is a digital asset platform that strives to provide institutions with easy and efficient access to crypto custody, trading, financing, participation, and governance services. He is also a qualified custodian who helps SEC registered investment advisers meet their obligations under federal law.
According to Anchorage, with the rise of institutional adoption of crypto, they see a growing demand for innovative financial services that exceed the expectations of traditional finance. Anchorage Digital Bank will be the first platform to have the technology and regulatory clarity that serious institutional involvement in crypto demands.
Nathan McCauley and Diogo Mónica, describing the need for a federally registered crypto bank, said that existing fintech firms had the technology to safely handle the operation of digital assets, but lacked regulatory clarity as they operate under state regulation. by state. Existing federally registered banks have a strong regulatory framework but lack the technology to operate in the cryptocurrency and blockchain space. Anchorage Digital Bank will present these two important requirements to provide "Innovative financial products and services with the security and robustness required by institutional participants."
In a release press release, the OCC also confirmed conditional approval of the conversion of the Anchorage Trust Company into the Anchorage Digital Bank National Association. According to the OCC, as a condition for approval, the company has entered into "an operating agreement that sets out, among other things, the capital and liquidity requirements and risk management expectations of the OCC."
The OCC said that in granting this approval, it applied the same rigorous review and standards applied to all charter applications. The regulator, describing its willingness to accept new financial technologies, said:
"The passage of Anchorage demonstrates that the national banking charters provided under the National Banking Act are broad and flexible enough to accommodate evolving approaches to financial services in the 21st century."