Custody pioneer Anchorage is the first crypto firm to see a charter from the U.S. national bank regulator.

Per a Jan. 13 announcement from the Office of the Comptroller of the Currency, Anchorage will have conditional authorization to operate as a trust institution nationally.

Per the announcement, Anchorage’s continued charter will hinge upon unique requirements:

“As an enforceable condition of approval, the company entered into an operating agreement which sets forth, among other things, capital and liquidity requirements and the OCC’s risk management expectations.”

Hitherto, such registration was done state-by-state. The OCC’s ambitions for a federal charter stretch back to the Obama years, but current Acting Comptroller Brian Brooks has been a notable advocate pushing for an accelerated timeline on such authorizations. 

Nonetheless, state regulators have expressed concern that the OCC’s push to charter non-depository institutions represents a threat to their authority. 

This story is breaking and will be updated.