Crypto firms pursue banking licences
Several major cryptocurrency firms, including stablecoin issuer Circle and crypto custodian BitGo, have considered applying for banking licences.
Other firms in discussions about pursuing banking charters include the US-based crypto exchange Coinbase and stablecoin issuer Paxos. These moves come at a time when the US is working to reshape its approach to stablecoin regulation.
According to a report from the Wall Street Journal, these firms are exploring the possibility of securing banking licences, which would allow them to operate more similarly to traditional banks. Obtaining a bank charter could enable crypto firms to offer services such as taking deposits and providing loans. The regulatory benefits include greater…
