Coinbase (Coin) said on Friday that it applied for a National Trust Charter from the American office of the Comptroller of the Currency (OCC), a movement that would bring the company under federal regulatory overview if approved.
The charter would enable Coinbase to build on its existing custody activities by offering services, such as payments and settlement, without looking for a charter as a full-service bank.
“Coinbase does not intend to become a bank,” said Greg Tusar, vice president of institutional product in Coinbase, in a blog post. “It is our permanent conviction that clear rules and the confidence of our supervisors and customers enable Coinbase to confidently innovate and at the same time ensure good supervision and security.”
Nowadays, the most important regulated guardianship service of the US Crypto Exchange is carried out via Coinbase Custody Trust Company (CCTC), which has a permit under the Bitlicense regime of the New York state. That framework, introduced in 2015, was one of the first regulatory models at state level for crypto in the US
A federal trustcharter would give the company more flexibility to launch new financial services, such as crypto payments without the state’s permission.
The Coinbase movement follows a whole series of crypto companies, including Circle, Ripple and Paxos, which are applying for federal supervision this year.
Read more: US SEC takes a provisional step to extend the universe of Crypto custody to Staat Trusts
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