Wyoming Becomes First State to Approve Banking Charter for Digital Assets

The Wyoming Banking Division voted Wednesday to approve the application from cryptocurrency exchange Kraken to create the world’s first Special Purpose Depository Institution. Governor Mark Gordon said Wyoming is the first U.S. state to approve a banking charter for digital assets and that Wyoming’s new charter will allow those using digital assets like cryptocurrency, to access reliable financial services, protect consumers, and allow businesses to hold digital assets safely.

Kraken, the firm headquartered in San Francisco, applied for a bank charter under Wyoming’s special purpose depository institution law that was adopted by the Wyoming Legislature in 2019. The firm will tentatively do business under the name Kraken Financial. Governor Gordon said that he is proud the State is leading the way and has built the framework for this historic announcement and that Wyoming is taking its rightful place globally as a fintech leader.