The U.S. Office of the Comptroller of the Currency (OCC) granted conditional approval to crypto custodian Anchorage on January 13, 2021, to become the first federally chartered digital asset bank in the country. The approval allows Anchorage to operate as Anchorage Digital Bank under a national trust banking charter, following a comprehensive review of its operations.
Regulatory Conditions and Compliance
As part of the approval, Anchorage must comply with the OCC's capital and liquidity requirements and implement specific risk management procedures. The firm signed an agreement with the banking regulator accordingly. The OCC stated that bringing Anchorage into the federal banking system benefits both the bank and the broader industry by leveraging the regulator's extensive supervisory experience and expertise. The regulator also emphasized that national bank charters under the National Bank Act are broad and flexible enough to accommodate evolving financial services in the 21st century.
Background and Vision of Anchorage
Founded in 2017 by Nathan McCauley and Diogo Mónica, Anchorage provides crypto custody and trading services tailored to institutional investors. The company reportedly handles approximately $100 billion in transactions annually. Anchorage applied for a national banking charter last year, aiming to facilitate traditional banks in offering crypto services through what it calls sub-custody arrangements.
In a blog post on January 13, McCauley and Mónica elaborated: '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 multiple times with blurring the lines between crypto and traditional finance. Today, we’re happy to see those lines begin to be erased.'
Industry Significance and Comparisons
Anchorage becomes the first cryptocurrency entity to receive a federal charter. Previously, Kraken and Avanti were licensed as digital asset banks by the state of Wyoming, but those state charters have certain limitations. Observers view the Anchorage federal charter as a pivotal development for the U.S. crypto industry. Under Acting Comptroller Brian Brooks, the OCC has advanced crypto-friendly policies, including allowing banks to use stablecoins and public blockchains for settlement, and permitting banks to hold stablecoin reserves for issuers.
This approval paves the way for deeper integration between crypto firms and traditional finance, likely attracting more institutional participation in digital assets. The move signals a progressive regulatory approach that could influence global standards for digital asset banking.