OCC Opens Path to Federal Bank License for Crypto Companies

After the SEC and CFTC, the OCC, another US government agency, seems to pave the way for crypto companies. It seems that the work of such companies carrying out cryptocurrency activities has become easier, especially after Circle received a federal bank license in the USA. Finally, a statement came from the US Office of the Comptroller of the Currency (OCC) on the subject.

"New banks bring a healthy system"

The statement included the words of the institution's president, Jonathan V. Gould, and stated that it would be easier for new style technology companies to obtain licenses: "The establishment of new banks is one of the clearest indicators of a healthy banking system. From now on, banking license applications will be evaluated in a more transparent manner. OCC has recently made its final decisions within 120 days in many applications."

"The way for them to become a bank should be opened..."

In the statement, which stated that banking obstacles to new technology companies operating in the field of digital assets should be removed, a direct reference to the crypto sector did not go unnoticed: "Companies that engage in legal activities, including digital assets and other new technologies, should be cleared to become national banks."

Gould: They said, "Don't apply"

OCC Chairman Gould also said that for years, regulators have kept their distance from many companies and have given the message, "Don't even try to apply to us": "For about 10 years, regulators have said to those who want to get a federal bank license, 'Don't even apply.' But now we are open to applications. We want to see companies that want to establish new banks."