Zerohash, which provides blockchain infrastructure, has applied for a banking authorization certificate to operate as a national custodial bank in the USA. The move is seen as part of the company’s preparations to expand its operations across the United States under federal supervision. If permitted, Zerohash would be able to offer various crypto asset services directly in compliance with the federal regulatory framework.
Strategic Application for Federal Jurisdiction in the United States
Founded in 2017, Zerohash develops solutions that enable financial institutions and financial technology companies to integrate with blockchain-based services. The company’s platform; It offers capabilities such as cryptocurrency trading, custody services and stablecoin payments. International players such as Morgan Stanley, Franklin Templeton and Stripe also benefit from Zerohash’s technology. Through these institutions, various transactions related to crypto assets are provided to end users.
Statements from the Company about the Process
Stephen Gardner, Zerohash’s director of legal and compliance, stated that the application is an important stage in the company’s growth plan. Gardner pointed out that this application is a natural extension of their goal of expanding global licensing coverage and expanding the product range.
The application process was considered as the next step in providing a globally comprehensive licensing infrastructure and developing the product service network.
The company’s application was made in February within the framework of the new legal regulation implemented by the OCC (Office of the Comptroller of the Currency) in the field of digital assets. In the same period, institutions such as Morgan Stanley and PAYO Digital Bank initiated a similar process.
License Race Is Intensifying in the Crypto Industry
The mandate, which aims to create regulatory clarity at the federal level in the US, is becoming increasingly attractive to crypto companies. Companies offering stablecoin and crypto asset custody services are vying for federal approval, especially after the GENIUS Act took effect in July. According to the information shared by OCC; Companies such as Crypto.com, Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos have already received provisional approval.
The OCC has published draft regulatory text regarding the implementation of the GENIUS Act, signaling a new period of supervision for institutions issuing stablecoins for payment purposes in the country. These new regulations aim to increase the compliance of actors operating in the sector with legal requirements.
Following the increasing number of applications, some political figures are calling for transparency regarding crypto-related bank applications and transactions, especially those involving foreign investment. Finally, Elizabeth Warren brought to the agenda her views on the need for more control and transparency in this process.
