OCC Approves a Federally Chartered Crypto Trust Bank

The Office of the Comptroller of the Currency granted in February conditional approval of Protego Trust Bank, National Association.

The Trust Bank will provide cryptocurrency custody services in a fiduciary capacity for its clients by holding the unique cryptographic keys associated with Bitcoin and Ethereum and will eventually offer custody services for additional types of digital assets beyond cryptocurrencies, including platform tokens, utility tokens, security tokens, commodities tokens, crypto-collectables, stable coins, and data.

The OCC has also approved it to provide client to client trading, client to client lending and a platform for the origination and issuance of new digital assets whereby asset owners can digitize existing and prospective assets.

This is a significant step in having the Federal government regulate cryptocurrency transactions.

While the SEC and CFTC continue to have a territorial fight over jurisdiction, the OCC has stepped into the breach by welcoming companies that will submit to its regulation, examination and supervision.

Source: https://jeffkoeppel.wordpress.com/2021/05/12/occ-approves-a-federally-chartered-crypto-trust-bank/