Stablecoin issuer and PayPal partner Paxos has filed an application for a bank charter with the US Office of the Comptroller of the Currency (OCC).
According to Paxos' chief compliance officer and general counsel Dan Burstein, if the company eventually obtains the license from the regulator, "Paxos will become the first custodian of digital assets to be regulated at both the state and federal levels."
In addition, the company would expand both its services and the geographic area in which it can offer them:
"Our mission is to modernize financial market infrastructure and enable the movement of any asset, any time, in a trustworthy way. A national Trust Bank charter would help us realize our goal by enabling us to serve customers across the country in the most efficient way."
It has recently been known that another crypto company, BitPay, has also filed an application for the same license from the regulator.
Paxos was one of the first companies to receive the coveted New York State BitLicense license. The firm is already regulated by the state's Department of Financial Services (NYDFS).
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