Paxos, Fidelity, Ripple, BitGo, and Circle Obtain OCC Charters Approval

The US Office of the Comptroller of the Currency has granted conditional approval for five national bank charter applications linked to the digital assets sector.

In a notice released on Friday, the OCC announced that it had conditionally approved BitGo, Fidelity, and Paxos to transition their existing state-level trust companies into federally chartered national trust banks. Additionally, Circle and Ripple received conditional approval for their new applications for national trust bank charters.

“The entry of new players into the federal banking sector benefits consumers, the banking industry, and the economy,” stated Jonathan Gould, the Comptroller of the Currency, adding: “The OCC will continue to foster both traditional and innovative approaches to financial services to ensure the federal banking system evolves alongside finance and promotes a modern economy.”