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Why Are Crypto Businesses Interested in Becoming Banks?
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investopedia.comAfter years of criticizing, sidestepping, or avoiding regulation, the cryptocurrency industry is now racing to embrace it. In recent years, an increasing number of cryptocurrency businesses have filed applications with the Office of the Comptroller of the Currency (OCC) for national bank charters.
For example, payment processor BitPay and crypto exchange Paxos have filed applications with the OCC to become national trust banks. Custodian Anchorage, which is a part of Facebook, Inc.'s (FB) digital currency initiative, has filled out a similar application. Approval of these applications will enable the businesses to offer crypto services to clients.
The fact that crypto businesses are willing to become banks – institutions of mainstream
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