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US Wants Bitcoin Operators to............. Apply for Bank Status

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IN AN UNPRECEDENTED MOVE, the US government is willing to integrate cryptocurrency companies, exchanges and trading platforms into the country’s banking industry under a plan, that will allow the cryptocurrency players to be regulated by the US Department of the Treasury’s Office of the Comptroller of the Currency.

This information was disclosed at a 2017 event hosted by the Federal Reserve Bank of Philadelphia.  Acting Comptroller of Currency, Keith Noreika, said that they are actively studying effective methods of implementing a national licensing program for Bitcoin businesses.

Fireinthebone gathered that the US Comptroller of Currency, Keith Noreika and her office has been  studying the effective methods of implementing a national licensing program for Bitcoin businesses.  

The Acting Comptroller remarked that “I wouldn’t be adverse to those people coming in and talking to the [Office of the Comptroller of the Currency] about how a charter could make sense for them. But that is a long process they’d have to go through, and just because you get in the door doesn’t mean you’re going to get out the door on the other side.”

Several US states have already authorized the operations of digital currency operators. Among them is New York, which has introduced its state-specific licensing initiative for Bitcoin called BitLicense. However, several startup companies, exchanges, businesses and trading platforms in the sector have voiced out their concerns over regulations like BitLicense due to high costs and impracticality in terms of compliance.

The acceptance of digital currency exchanges, as well as the introduction of a nationwide licensing program for trading platforms, are expected to trigger an increase in demand from institutional and retail traders in the US.

With this move, the US is set to join countries like Japan and South Korea, that has implemented measures to promote and regulate the digital currency market with a nationwide licensing program for Bitcoin and digital currency exchanges. In Japan, 11 major exchanges including BitFlyer has been licensed.


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