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Banking Law

Bank Regulator Grants First National Trust Charter to Crypto Firm

Jan. 13, 2021, 9:13 PM

The Office of the Comptroller of the Currency granted the first national trust bank charter to a cryptocurrency firm.

The charter for Anchorage Trust Company, granted by the OCC on Wednesday, will allow the Sioux Falls, S.D.-based cryptocurrency platform to operate around the country with federal supervision, and without licensing by state regulators.

Anchorage, which focuses on institutional investors, will change its name to Anchorage Digital Bank, N.A.

Anchorage’s charter doesn’t require approval from the Federal Deposit Insurance Corp. Anchorage doesn’t plan to take customer deposits, instead focusing on serving as a custodian for digital assets for customers of traditional...

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