According to Bitcoin news, American payment finance company Circle revealed that Circle is applying to the US Office of the Comptroller of the Currency (OCC) for a federal banking license. By then, Circle may become the first cryptocurrency platform to obtain a banking license.
In addition to applying for a federal banking license, Circle is also seeking SEC approval to register as a brokerage and exchange. Circle said it has had initial communications with the OCC about a potential banking function.
Circle CEO Jeremy Allaire stated,
If the (banking license) application is successful, Circle will realize the holding of customer funds in the form of digital tokens of legal tender, and can skip the cumbersome intermediate links and directly access the central bank system to realize the transactions of other banks in the Federal Reserve Reserve, reducing costs and increasing efficiency.
In terms of regulation, there is a general lack of management norms in the cryptocurrency asset industry. Circle stated that it has hired some members of the US Securities and Exchange Commission (SEC) and the Financial Regulatory Authority (Finra), and is developing codes of conduct and guidelines related to encrypted currency assets.
Founded in 2013 and headquartered in Dublin, Circle is a start-up company focusing on mobile payment and cryptocurrency. It once won the title of American version of Alipay. Circles business lines mainly include: Circle Pay, which provides legal currency transfer services, Circle Trade, which conducts digital currency transfer transactions, and Circle Trade, which helps retail investors invest in the digital currency marketCircle Invest。
buybuyPoloniex, one of the worlds largest digital currency exchanges, has a single-day trading volume of $300 million.
It is worth noting that,
It is worth noting that,mid-may, Circle received $110 million in financing led by Bitmain. At that time, the companys valuation will reach $3 billion.
In addition to the capital, Circle has always been active in obtaining government authorization.
It is the first company to receive a digital currency license from the New York State Department of Financial Services, considered the most restrictive area in the United States for bitcoin. At the same time, Circle is also the first digital currency company to obtain an electronic currency license from the UK Financial Conduct Authority.
However, Circles main competitorRipple, progress in regulation has been relatively slow, and it seems to have put more experience in technology development.
Since the end of last year, Ripple first cooperated with NTT Data, a Japanese system integration company, to recompile the Java programming language protocol; after that, it joined the Hyperledger blockchain alliance supported by the Linux Foundation to develop the technology connection between different payment systems.
For Circle and Ripple, the vision they want to achieve may be to allow money to flow as freely as information does today.
I am Zhang Yi, a reporter from Odaily. I am exploring the real blockchain. For breaking news and communicating, please add WeChat ro20110723. Please note your name, unit, position and reason.
I am Zhang Yi, a reporter from Odaily. I am exploring the real blockchain. For breaking news and communicating, please add WeChat ro20110723. Please note your name, unit, position and reason.
