#Stable #crypto startup #Paxos became the third federally regulated crypto bank, with the approval of the US Currency Control Office (OCC).
Paxos has become a federally regulated organization that can offer custody services, stable cryptocurrency management, payment clearing and other services, OCC, the country's banking industry regulator, announced on Friday.
Following the approval, Paxos became the third crypto bank after #Anchorage and #Protego. Companies such as the cryptocurrency exchange #Kraken and #Avanti had also become statewide regulated crypto banking entities in #Wyoming.
Paxos was given a year and a half to run the business plan and show the #OCC that it can work safely. During this time, the regulator will evaluate Paxos' activities and decide whether to give final approval. Paxos Chief Legal Counsel Dan Burstein said he expected this process to occur much earlier than 18 months. Paxos filed the application last December.