Coinbase, the largest US-based cryptocurrency exchange, has officially secured a conditional approval from the Office of the Comptroller of the Currency for a national trust charter.
The move seems to be a major stride toward regulatory clarity and the culmination of multiple years of rigorous compliance efforts and proactive collaboration with regulators.
Naturally, this doesn’t mean that Coinbase will transform into a traditional commercial bank – it means that there will be uniform and federal oversight to the firm’s existing custody and market infrastructure services.
The OCC charter itself is tailored to safeguard user assets, and Coinbase plans to use it to ensure institutional-grade security and regulatory consistency for the assets that it holds on behalf of its clients.
Speaking on the matter was Greg Tusar, Co-CEO of Coinbase Institutional, who said:
We are proud of what this milestone represents, not just for Coinbase, but for an industry that has worked hard to demonstrate that innovation and accountability are not in conflict. We look forward to working closely with OCC staff through the conditions of approval and to continuing to build a financial system that works better for everyone.
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