{"id":130094,"date":"2020-12-10T07:17:59","date_gmt":"2020-12-10T04:17:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/paxos-seeks-approval-to-become-fully-regulated-crypto-bank\/"},"modified":"2020-12-10T07:17:59","modified_gmt":"2020-12-10T04:17:59","slug":"paxos-seeks-approval-to-become-fully-regulated-crypto-bank","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/paxos-seeks-approval-to-become-fully-regulated-crypto-bank\/","title":{"rendered":"# Paxos seeks approval to become fully-regulated crypto bank"},"content":{"rendered":"

“# Paxos seeks app<\/a>roval to become fully-regulated crypto bank <\/strong>”
\n<\/p>\n

Stablecoin creator and crypto services provider Paxos filed<\/a> an application to open a national bank on Wednesday. If approved, the pioneering Paxos General<\/a> Trust will be headquartered in New York, licensed to hold cryptocurrencies and execute the duties of a regular trust bank.<\/p>\n

According to a blog post<\/a> on the Paxos website, being granted a national trust bank charter from the U.S. government would broaden both the range of services offered by the company and the geographic area to which it can offer services:<\/p>\n

\u201cOur 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.\u201d<\/p><\/blockquote>\n

If approved, the application would mark the first time that a steward of digital assets was regulated at both the state and federal levels within the U.S. One of the first companies to receive New York State\u2019s coveted BitLicense, Paxos is already regulated by the state\u2019s Department of Financial Services (NYDFS). In 2015, the company \u2014 then known as ItBit \u2014 became<\/a> the first \u201cvirtual currency\u201d services provider to receive a charter from NYDFS.<\/p>\n

In October, Paxos partnered with PayPal to provide trading and custodial services related to cryptocurrencies supported by the payments giant. \u201cPayPal\u2019s selection of Paxos is a reflection of New York\u2019s status as the gold standard for cryptocurrency regulation,\u201d said<\/a> Paxos CEO Charles Cascarilla in a press release about the partnership announcement.<\/p>\n

In addition to providing services for PayPal, Paxos continues to operate the ItBit exchange, offer crypto brokerage services, and maintain stablecoins PAX, BUSD and PAXG. The company was founded in 2012, has offices in New York, London and Singapore, and employs around 150 people.<\/p>\n

Digital asset custodian Anchorage also applied for a federal charter last month.<\/p>\n<\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n

\n

If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Paxos seeks approval to become fully-regulated crypto bank ” Stablecoin creator and crypto services provider Paxos filed an application to open a national bank on Wednesday. If approved, the pioneering Paxos General Trust will be headquartered in New York, licensed to hold cryptocurrencies and execute the duties of a regular trust bank. According to…<\/p>\n","protected":false},"author":1,"featured_media":130095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/3d6c3f3d-7e44-4163-8842-fa1bba135f00.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,76603,74863,76604,76605,76574,75493,71939,71511,70934],"class_list":["post-130094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-bitlicense","tag-cryptocurrencies","tag-nydfs","tag-paxos","tag-paypal","tag-stablecoin","tag-banks","tag-government","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/130094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=130094"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/130094\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/130095"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=130094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=130094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=130094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}