Crypto custodian Protego gets national charter from the OCC

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

Per an announcement shared with Cointelegraph as we speak, 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 permitted as a nationwide belief financial institution moderately than a conventional financial institution, which means that it’s going to not deal with deposits. Curiously, Protego is a comparatively new agency and continues to be within the technique of organizing. It is going to have 18 months to launch operations earlier than the present constitution expires.

The OCC is the workplace of the U.S. Treasury liable 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 first national charter of this type to Anchorage simply final month. 

Not everybody has been proud of the OCC’s curiosity in onboarding crypto corporations. A consortium of state banking regulators not too long ago filed suit towards the OCC over Determine’s software for a nationwide constitution, claiming that the OCC is stretching the definition of a financial institution past recognition.