Forbes: Crypto companies accelerate application for banking licenses to transform licensed banks

Forbes article points out that the regulatory environment in the United States is gradually opening up, and the fintech industry is accelerating its transformation towards "licensed banking". Last year, the approval process for trust banking licenses significantly accelerated. The Office of the Commissioner of the Currency (OCC) in the United States has approved conditional applications from five companies, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos, to obtain national trust banking licenses. Having a banking license is seen as an important means of hedging against capital market volatility, and cryptocurrency companies can obtain more stable and low-cost funding sources by absorbing insured deposits and accessing the federal payment system.