[2017-10-02] US Wants Bitcoin Operators to Apply for Bank Status

[gokayc]

The US government is open to integrate cryptocurrency companies, exchanges and trading platforms into the country’s banking industry as of late September 2017. Under the plan, the cryptocurrency players will be regulated by the US Department of the Treasury’s Office of the Comptroller of the Currency.

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

    “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.
Other global developments in Bitcoin adoption

Meanwhile, in Japan, the government has implemented a nationwide licensing program for Japanese Bitcoin and digital currency exchanges. Among the operators already licensed as of late September are 11 major exchanges including BitFlyer.

In South Korea, the government has implemented measures to promote the virtual currency market to become more mature and well-regulated making the country the Ethereum powerhouse.


https://cointelegraph.com/news/us-wants-bitcoin-operators-to-apply-for-bank-status

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[GetBABB]

Interesting to see how the US authorities are progressing in respect of the regulation of the cryptocurrency space, thanks.

[moriskarlov]

Keith Noreika, said that they are actively studying effective methods of implementing a national licensing program for Bitcoin businesses.

Happy to hear that, maybe US gov. institutions would develop effective licensing model for new ICO`s too. US is a huge market, after this legalizing steps BTC and ETH exchange rate will rize to the moon.

[GetBABB]

Plus if that regulation happens in the US it will have broader effects globally in terms of the regulation of cryptocurrency I believe.

[greeklogos]

The US government is open to integrate cryptocurrency companies, exchanges and trading platforms into the country’s banking industry as of late September 2017. Under the plan, the cryptocurrency players will be regulated by the US Department of the Treasury’s Office of the Comptroller of the Currency.

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

    “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.
Other global developments in Bitcoin adoption

Meanwhile, in Japan, the government has implemented a nationwide licensing program for Japanese Bitcoin and digital currency exchanges. Among the operators already licensed as of late September are 11 major exchanges including BitFlyer.

In South Korea, the government has implemented measures to promote the virtual currency market to become more mature and well-regulated making the country the Ethereum powerhouse.


https://cointelegraph.com/news/us-wants-bitcoin-operators-to-apply-for-bank-status

It could take a longer period for the US government and its financial regulators to offer unified licensing programs for cryptocurrency exchanges and bitcoin businesses. But, it is an optimistic indicator of bitcoin growth that the US, the second largest bitcoin exchange market behind Japan, is carefully considering creating a more robust and well-regulated market for investors and general consumers.

[Karartma1]

Easy and clean: governments will work on the one and only thing that gives them a bit of control over bitcoin: all the third parties involved in the process.
I mean everybody wants to cash out every once in while and this seems their only method to keep an enye on bitcoin users. Hard times to keep our bitcoin as we like it. Really looking forward to the day we won't need to exchange for fiat anymore

[odolvlobo]

I'm curious if any other kinds of exchanges, (stocks, bonds, commodities, etc.) are encourage to become banks.

[iamTom123]

Keith Noreika, said that they are actively studying effective methods of implementing a national licensing program for Bitcoin businesses.

Happy to hear that, maybe US gov. institutions would develop effective licensing model for new ICO`s too. US is a huge market, after this legalizing steps BTC and ETH exchange rate will rize to the moon.

There is a continuing debate on this important topic and more as the country could not anymore ignore the popularity of cryptocurrency. It is really high time that the government, instead of the total ban like what China imposed on exchanges, should look on how they can all benefit from this trend which might be here to stay for decades.

We all know how strict the USA is when it comes to financial products and services and things must be followed to the letter if one does not want to court any possible disaster real and imagined. On the part of the government, it is now imperative to offer a clearer and better regulatory framework and platform where all players are expected to be doing the business with.

We might be seeing more and more news on this front before the government authorities would finally come up with the finished platform and the needed regulations.