Paxos becomes a US national bank
The company will become the third company in the digital currency space with a federal statute by OCC
The stablecoin issuing company and provider of financial services with cryptocurrencies, Paxos, has received a federal statute from the Office of the Comptroller of the US Currency (OCC) and thus be part of the line of regulated banks in the US territory by federal law.
Paxos becomes the third company in the digital currency space to obtain a federal statute from the OCC and its function will be directed to safeguarding digital currencies, managing stablecoin reserves in USD, payments, exchanges and other agent operations. Also trading of cryptocurrencies for partners, and KYC as a service among other additional properties under this new status.
Paxos General Counsel, Dan Burstein, commented that said statute represents preliminary conditional approval “which means that the OCC is approving our business plan.”
Burstein also stated that “the activities that we have identified for this plan are considered to be those that can be carried out by a national trust, for which we have the appropriate equipment, controls and adequate structure… in order to control the risk and operate as a national trust company.”
It is important to mention that Paxos already had the BitLicense that allows it to offer commercial services in the State of New York.
K. Villarroel
Source: diariobitcoin
