Paxos files application with U.S regulator to obtain a national bank charter
December 9, 2020, 6:56PM EST
1 min read
Crypto company Paxos is seeking a national bank trust charter from the Office of the Comptroller of the Currency, a top U.S. bank regulator.
The firm outlined its bid in a Wednesday blog post. Paxos's chief compliance officer and general counsel, Dan Burstein, wrote that "[i]f granted this national charter, Paxos will become the first custodian of digital assets to be regulated at both the state and federal levels."
"We’re excited about the benefits a national Trust Bank charter can bring to our business, operations and customer service. Our mission is to modernize financial market infrastructure and enable the movement of any asset, any time, in a trustworthy way," he continued. "A national Trust Bank charter would help us realize our goal by enabling us to serve customers across the country in the most efficient way."
The disclosure came hours after The Block reported that BitPay is also seeking to create a national bank charter from the OCC.