On January 13, 2021, the U.S. Office of the Comptroller of the Currency (OCC) announced it had granted conditional approval to crypto custodian Anchorage to establish Anchorage Digital Bank, the first federally chartered digital asset bank in the country. This landmark decision effectively places a crypto-native firm under the same regulatory framework as traditional national banks, a significant step toward mainstream adoption of digital assets.
Regulatory Breakthrough: From State to Federal Charter
Previously, cryptocurrency exchanges Kraken and Avanti had obtained digital asset bank charters from the state of Wyoming in 2020, but state-level charters impose limitations on interstate operations. Anchorage’s national trust banking charter from the OCC allows it to operate across state lines while complying with the OCC’s capital, liquidity, and risk management requirements. In its statement, the OCC emphasized that “by bringing this applicant into the federal banking system, the bank and industry will benefit from the OCC’s extensive supervisory experience and expertise.” The regulator also noted that the approval demonstrates the flexibility of the National Bank Act to accommodate evolving financial services in the 21st century.
Anchorage: From Custody to Banking
Founded in 2017 by Nathan McCauley and Diogo Mónica, Anchorage provides crypto custody and trading services to institutional investors, reportedly handling approximately $100 billion in transactions annually. The firm applied for a national banking charter last year with the goal of enabling traditional banks to offer crypto services through its sub-custody model. In a blog post following the approval, McCauley and Mónica wrote: “Having a national bank charter places Anchorage Digital Bank firmly on the same regulatory footing as other national banks in the country. Since our founding, we’ve been credited numerous times with blurring the lines between crypto and traditional finance. Today, we’re happy to see those lines begin to be erased.”
Industry Impact and OCC’s Pro-Crypto Stance
Anchorage’s federal charter is hailed as a major milestone for the U.S. crypto industry. Under Acting Comptroller Brian Brooks, the OCC has taken several pro-crypto actions. In 2020, the regulator permitted banks to use stablecoins and public blockchains for settlement, and later allowed U.S. banks to hold stablecoin reserves for issuers. These policies have paved the way for traditional financial institutions to engage with digital assets. Analysts believe Anchorage’s charter will accelerate institutional capital inflows into crypto and set a precedent for other crypto firms seeking federal regulatory approval. However, the OCC stressed that Anchorage must adhere to stringent oversight and sign a formal agreement with the regulator to maintain its charter. Overall, the approval signals that digital assets are moving from the periphery into the core of the regulated financial system, promising a more compliant and transparent era for crypto banking.