The Office of the Comptroller of the Currency has granted another crypto company a national charter.
According to an announcement shared with Cointelegraph today, Washington-based institutional crypto custodian Protego is the second crypto-native company to receive a national license from the OCC.
The new charter is conditional and Protego is authorized as a national trust bank rather than a traditional bank, meaning it will not handle deposits. Interestingly, Protego is a relatively new company and is still organizing. It has 18 months to start operations before the current charter expires.
The OCC is the office of the US Treasury responsible for regulating national banks. Over the past year, it has done a lot of work to integrate crypto into that area, including giving the first national charter of this kind to Anchorage last month.
Not everyone was happy with the OCC’s interest in introducing crypto companies. Recently a consortium of state banking regulators filed suit against the OCC over Figure’s application for a national charter, alleging that the OCC stretches beyond recognition the definition of a bank.