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11/25/2019

Wyoming — yes, Wyoming — races to fill crypto-banking void

Wyoming might not be first in mind when it comes to cutting-edge financial technology, but the state is forging ahead with plans to attract a small fortune in cryptocurrency assets from companies eager to sidestep federal oversight.

The nation’s least-populous state hopes the establishment of a special financial institution for holding cryptocurrency will draw a steady stream of digital assets. State officials say the Wyoming bank model — dubbed a special purpose depository institution — can provide digital currency businesses a way to access customers in New York without having to go through the financial capital’s stringent state regulations. Read more on Politico

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