ATLANTA—BitPay, a cryptocurrency payments firm, has filed to become a national bank in the U.S., CoinDesk reported, citing a published legal notice.
BitPay has filed with the Office of the Comptroller of the Currency (OCC) to set up a federally regulated bank called the BitPay National Trust Bank, which will be headquartered in Georgia, CoinDesk said.
The news comes after OCC Acting Comptroller Brian Brooks said earlier this year that he would look into setting up a framework to let fintechs become licensed and streamline their operations in the country, including crypto firms.
At present, crypto firms and other digital payment startups have to acquire money transmitter licenses in every state and territory they want to operate in, CoinDesk reported, but by becoming a national bank, BitPay could skirt around those requirements.
‘Strict Safety and Soundness’
In a statement to CoinDesk, BitPay said the endeavor "will be subject to strict safety and soundness requirements, which will provide our customers with assurances that our services remain best in class and allow us to be subject to a uniform regulatory framework."
BitPay's application said that the total capitalization its national bank would get from shares issued would be just below $12 million, and there would be 120 shares issued, CoinDesk reported.