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Crypto custodian Protego will get nationwide constitution from the OCC

02/05/2021

Protego joins Anchorage as the primary string of digital asset companies to get nationwide belief financial institution licensing.

The Workplace of the Comptroller of the Forex has granted one other crypto agency a nationwide constitution.

Per an announcement shared with Cointelegraph right now, Washington-based institutional crypto custodian Protego is the second crypto-native agency to get nationwide licensing from the OCC. 

The brand new constitution is conditional, and Protego is allowed as a nationwide belief financial institution quite than a standard financial institution, which means that it’ll not deal with deposits. Curiously, Protego is a comparatively new agency and continues to be within the technique of organizing. It can have 18 months to launch operations earlier than the present constitution expires.

The OCC is the workplace of the U.S. Treasury answerable for regulating nationwide banks. Over the previous 12 months, it has made a lot work of integrating crypto into that purview, together with giving the primary nationwide constitution of this type to Anchorage simply final month. 

Not everybody has been proud of the OCC’s curiosity in onboarding crypto companies. A consortium of state banking regulators lately filed swimsuit in opposition to the OCC over Determine’s utility for a nationwide constitution, claiming that the OCC is stretching the definition of a financial institution past recognition.