OCC Grants Anchorage First Federal Digital Asset Bank Charter

On January 13, 2021, the Office of the Comptroller of the Currency conditionally approved Anchorage Trust Company's application to convert its charter and become Anchorage Digital Bank, National Association (ADB-NA). This made Anchorage the first virtual currency fintech firm to receive a federal bank charter. The national trust bank charter permits Anchorage to offer fiduciary custody of digital assets, custody of cash deposits at FDIC-insured banks, and on-chain governance services for client virtual assets.

The OCC's decision relied on Interpretive Letter 1176, issued January 11, 2021, which expanded national banks' fiduciary powers by confirming that activities permitted for state-chartered trust banks fall under the 'business of banking' per federal statute. Notably, FDIC insurance was not required for Anchorage, distinguishing it from typical deposit-taking banks, though the OCC retains discretion to mandate it. The approval underscores the OCC's position that national bank charters are flexible enough to accommodate fintech innovations in the digital asset space, potentially paving the way for other crypto-native firms to pursue similar regulatory paths.