The OCC today granted conditional approval for the conversion of the South Dakota-chartered Anchorage Trust Company to become Anchorage Digital Bank.
In an interpretive letter yesterday, the OCC verified that national banks and federal savings associations may use independent node verification networks, or INVNs, and stablecoins, to engage in and facilitate payment activities.
With criminals increasingly turning to virtual currencies to move illicit funds, the Financial Crimes Enforcement Network last week proposed new requirements for certain transactions involving convertible virtual currency or digital assets with legal tender status.
When asked about threats specifically targeting banks, Federal Bureau of Investigation Director Christopher Wray urged banks to be wary of “cyber criminals targeting the vulnerabilities in third-party services” as a way in to financial institution data.
The OCC is continuing its efforts, working with other agencies, to facilitate banks’ ability to engage with digital currencies, Acting Comptroller Brian Brooks said during a press event this morning.
In an interpretive letter, the OCC gave institutions under its supervision the greenlight to hold deposits that serve as reserves for “stablecoins.”
Will the OCC’s clarification that U.S. banks can hold a cryptocurrency’s unique cryptographic keys turn out to be the onramp into a new revenue stream?
In an interpretive letter today, the OCC said that national banks and federal savings associations may provide cryptocurrency custody services for their customers.
As bitcoin and other private digital currencies gain wider acceptance, is a “central bank digital currency” on the way soon?
The OCC today proposed changes to its rules for national bank and federal savings association activities and operations to ensure that they can continue to meet the shifting needs of consumers, businesses and communities.