BITCOIN REGULATION




US BANK REGULATION OPENS DOOR OF NATIONAL LICENSE FOR BITCOIN FIRMS

The acting comptroller of the currency for the 
U.S. Treasury Department has said he is open to the idea that a new breed of banks might one day conduct business in bitcoin and other cryptocurrencies.



Speaking at an event hosted by the Federal Reserve Bank of Philadelphia Thursday, Keith Noreika, the newly named director of the agency tasked with supervising all national banks, went so far as to state publicly that he foresees a future in which bitcoin companies might be granted "fintech charters" - proposed licenses designed to simplify the way startups do businesses across state borders.

Currently, bitcoin companies and traditional money transmitters need to comply with a complicated network of regulatory regimes in all 50 U.S. states, a pain point that industry advocates have argued severely limits startup growth by increasing the cost of market entrance. But despite being open to crypto businesses applying for charters, Noreika went on to strike a cautious note on their chances of being approved.

He told attendees:
"I wouldn't be adverse to those people coming in and talking to the [Office of the Comptroller of the Currency] about how a charter could make sense for them. But that is a long process they'd have to go through, and just because you get in the door doesn't mean you're going to get out the door on the other side".


Spread the news:

Disclaimer:

Readers should do their own due diligence before taking any actions related to any mentioned company or any of its affiliates or services. Enatdigitalbiz.com.ng is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Comments