The largest crypto exchange of the United States, A Coinbase It has become the newest company on the market for digital assets, which requests a national license for asset management for the US Currency Control Office (OCC). This is an official license with which a company can operate like Trustee – for example, the treatment of cryptocurrencies on behalf of others, storing them and providing financial services. The company mentioned on the fair is still on the third of October announced the stepAccording to the example of circle and paxos stabilcoin problems and fintech ripple.
Coinbase said that if the application has been approved, it will be able to offer new products and services to its customers faster and make further improvements to integrate cryptos in traditional finances.
Why is the application for the OCC licenses important for Coinbase and other crypto companies?
No With the license, not -banking companies can supervise their own reserves and maintain institutional equipment. Coinbase has had licenses at state level so far, but they were not federal licenses, but were based on various state regulations. If the company now obtains the OCC license, it will be a federal regulated financial institution, not just at state level. It can act as a legal asset manager, similar to banks or financial fund managers. It is easier to offer complex financial services and to increase the confidence of institutional investors in the company.
In any case, Coinbase emphasized that it does not want to be a bank, but wants to offer more innovative services under clear rules and control. With the OCC license, the stock market, including salaries and related services, can supply new products. Anchorage Digital was the first cryptocurrency company that obtains the OCC permission in 2021. This year, Circle, who publishes USDC and Paxos behind Pyusd and Paxg tokens, also requested permission in addition to Ripple, Rlusd Stabilcoin.
Coinbase tries to penetrate deeper into the traditional financial world. In July he signed an agreement with JPMorganhase, which aims to buy cryptocurrencies faster and easier than before. But the company, which entered the stock exchange in 2021 and has since risen, has signed a contract with the US Department of Justice to manage and sell digital devices such as Bitcoin. The company also saves Bitcoin with regard to ETF products published by senior assets managers, BlackRock and Fidelity. The OCC has no equivalent of Hungary, but the domestic institution that is closest to its functions is the National Bank of Hungary (MNB). But although the OCC is only about the supervision of the national banks in the US, the MNB also performs functions in the central bank and only fulfills financial supervision functions.
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