The controller of another cryptocurrency company has been awarded a national charter.
Washington-based Protego is the second crypto company to receive a national license from the OCC, according to an announcement posted today in Cointelegraph.
The new charter is conditional and Protego is certified as a national trust bank instead of a regular bank, which means it will not handle deposits. Interestingly, Protego is a relatively new company that is still in its infancy. It will take 18 months before the current charter expires to get started.
The OCC is the office of the US Treasury Department responsible for regulating national banks. Much work has been done over the past year to introduce encryption into this area, including the issuance of the first such National Charter to Anchorage just last month.
Not everyone liked the OCC’s interest in representing crypto companies. A consortium of state-owned bank regulators recently filed lawsuits against the OCC at Figger’s request for a national charter, arguing that the OCC was expanding the definition of a bank beyond recognition.