FROM WEB3 TO BANKING.
The crypto sector is undergoing a significant transformation. According to a Reuters report, more and more crypto and FinTech companies are seeking to obtain banking licenses. This desire is explained by a regulatory environment deemed more favorable to innovation and digital assets.
A banking charter is a license that allows a company to operate as a bank, with all the advantages. It offers the possibility to accept deposits, lend money, and benefit from the credibility associated with the bank status.
"We have seen an increase in inquiries about banking charters from fintechs and cryptocurrency companies," stated a specialized lawyer.
This trend is part of a context where the Trump administration is sending multiple signals in favor of the crypto sector. Since his inauguration, the president has created a task force on cryptocurrencies, signed an executive order to create a strategic Bitcoin reserve, and organized the first crypto summit.
These measures have encouraged companies to enter the race for banking licenses, despite high costs of several tens of millions of dollars and the regulatory challenges related to compliance with anti-money laundering laws and the Bank Secrecy Act.
Although this approach is rare in the crypto sector, some players have already taken the plunge. This is the case of Kraken, which obtained a banking charter in Wyoming in 2020, and Anchorage Digital Bank, which received its license in January 2021.
However, the road is still long for crypto companies wishing to become banks. They must face increased scrutiny from regulators and a centralization that may seem contrary to the decentralized spirit of crypto.