Crypto Start-Ups Paxos And Bitpay Have Applied To Become Federally Regulated Banks In The United…

Cryptocurrency company Paxos filed with The Office of the Comptroller of the Currency (OCC) The United States apply for a license of the national trust Bank. If approved, Paxos will become the first custodian of digital assets to be regulated as a “crypto bank” at the Federal and regional levels.Paxos is controlled by the New York state financial services Authority (NYDFS) as a trust company. Paxos expects to open its Bank in New York. The company specializes in issuing stable coins, storing cryptocurrency assets, and brokerage services. Paxos General counsel Dan Burstein said:“The OCC license will allow us to realize our mission to modernize the financial market infrastructure and ensure reliable movement of any asset at any time.”At the same time, Bitpay, which specializes in cryptocurrency payments, wants to open a bank in Georgia. The Company is focused on the capitalization Of Its new enterprise of $ 12 million.The Atlanta Journal-Constitution issued a public legal notice on December 8 revealing that BitPay had applied to the Office of the Comptroller of the Currency (OCC) to become a federally regulated bank. The bank is named BitPay National Trust Bank and is headquartered in Georgia.According to the submission, there would be a 30-day period for comment, during which all comments to the OCC license director could be addressed. The BitPay application revealed that the national bank’s market capitalization would be about $12 million. If BitPay becomes a national bank, it can circumvent the state-by-state regime to apply for a license separately to operate in each state.On the same day, the stable coin publisher and the crypto services company Paxos also applied as a federal regulated bank in America. In the public document published yesterday, Paxos announced her intention to establish the Paxos National Trust and submitted its application to the OCC.The application…