The banking system in the United States consists of two regimes: a nationally regulated system and a state-regulated system. Many states have laws permitting the operation of a state-chartered trust company, a premier option for certain virtual currency businesses. New York, for example, issues charters for Limited Purpose Trust Companies allowing virtual currency companies to buy, sell, transmit, store and custody virtual currency on behalf of third-parties, including exchanging virtual currencies for fiat currencies, operate a virtual currency trading exchange, and issue virtual currency. Similarly, Wyoming offers a charter for Special Purpose Depository Institution permitting similar activities by virtual currency companies.
The attorneys at Bull Blockchain Law advise clients on the requirements applicable to their digital asset business activities and can help prepare applications for approval of a state trust charters. We advise on regulations tailored to digital assets and address issues such as technology controls, transaction handling, and custody operations for digital assets.