BitPay moves to become regulated bank

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Updated September 21, 2022 | Published December 10, 2020

2 mins read

BitPay has made a request with the Officer of the Comptroller of the Currency (OCC) to be recognized as a federally-regulated bank, according to a filing dated  December 8.

According to the Atlanta Journal-Constitution, BitPay has submitted a license application to the OCC with a request to be allowed to register and operate as new entity.

The entity would be recognized as a bank and operate under the name BitPay National Trust Bank, with headquarters in Georgia.

BitPay is taking advantage of a potentially friendly regulatory climate within the OCC. Acting Comptroller Brian Brooks stated earlier this year that he would support the introduction of FinTech companies as recognized entities so long as they are willing to comply with regulatory frameworks.

Democrats: We Don't Do Crypto

While good news for crypto, Democrats are still not too happy with the idea of regulating cryptocurrencies as federally-approved assets.

US Rep. Maxine Waters (D-Calif.) is just one of many Democrats to have opposed the idea of having the OCC green-light the introduction of such organizations.

Democrats on the offensive and a new Treasury Secretary nominee on the way, crypto legalization is once again a toss-up.

It has been reassuring, however, that G7 countries have started talking more openly about the potential global regulation of cryptocurrencies.

In the meantime, BitPay has confirmed its intention to be recognized as a federally-regulated bank in an official statement.

This is good news for crypto enthusiasts who have been using crypto for entertainment purposes, such as online crypto casinos. Some of the best such casinos today include Bitcasino, 1xBit, and FortuneJack.

Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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