The State of Wyoming in the USA has implemented a law related to banking and cryptocurrency licenses. In recent days, different companies (exchange Kraken and the financial group Avanti) have benefited from the new law of the State of Wyoming, which has allowed them to process an official banking license, which allows companies or entities that obtain it acquire the same authority that US banks have to offer traditional regulated financial services, including the custody of bitcoins and digital assets.
A new legal framework for banks that want to work with cryptocurrencies
This new legal framework will allow banks to custody cryptocurrencies and digital assets, which will allow these banks to diversify their services, benefit from blockchain technology, and be more competitive in the market.
Caitlin Long, founder, and CEO of Avanti (one of the companies that have obtained this license) said on Twitter that she hopes to open its doors in early 2021, as the company still needs to work with the Wyoming banking department to obtain the certificate that gives you the authority to operate.
The good track record for the State of Wyoming
Caitlin Long also mentioned that the long history of support for Bitcoin and other cryptocurrencies by the State of Wyoming was key to meeting this goal, she claims that Wyoming is the only US state that has sufficient “advanced” banking regulation for digital assets to ensure that the banking platforms offer custody services for cryptocurrencies and digital, assets following all the quality standards of the industry.
How Adenter Tech can help these new banks
As we saw in our previous article titled What is White Label Banking? Traditional banking must inevitably adapt its system to the future, a good alternative is to form alliances with Fintech companies that provide facilities for the development of personalized platforms in order to offer their customers more competent, flexible, and efficient online banking. An example of this is Adenter Tech’s banking software, which, when used as CBS (Core Banking Software), allows new banks (which are being incorporated under the new legal framework) to offer their clients, a more competent and effective online banking, without the need for expensive infrastructure and specialized resources, making it an ideal option for banks that want to keep up with today’s market, without the burden and complications of internal IT systems.
What do you think about this topic? Did you know this new law?
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