Paxos is the owner of the license to create a national trust bank issued by OCC USA
Only three licenses have been issued to cryptocurrency organisations. Achorage was the first to own the permit. The license was obtained in January 2021. A month later, a second License from Protego was issued.
However, having a license does not mean that Paxos will be able to work with bank deposits. According to the statute, the company was able to:
- Store digital assets
- Accept and make payments
- Provide crypto exchange services
- Manage the reserves of the Stablecoins
- Provide services for buying and selling cryptocurrencies for their partners
The letter sent to Paxos noted that the company's local New York license BitLicense has now been extended to the federal level. However, the way to obtain a license was not easy.
During the public discussion period, an appeal was sent to the OCC from several banks, which indicated doubts that Paxos had the right to operate as a trust bank.
The management decided otherwise and gave the cryptocurrency company approval. This will allow Paxos to continue organising the Bank.