Just like a traditional U.S. bank application, an SPDI has to have its procedures, officers and directors, and capital commitments in place before formally applying, the division of banking spokesperson said. The application would take just as long as a traditional bank application to get approved.
“The application is over 19 pages long with more than a 100 items to address,” said Robert Cornish, a partner at the law firm Anderson Kill, who was an advisor to the Wyoming Blockchain Taskforce, Wyoming Blockchain Coalition and WYo Financial. For some in the crypto community, that might be too much work.
Consider that some crypto firms applying for the BitLicense in New York found the six months to a year spent answering requests for information to be daunting, said Chris Ray, partner at Dean & Ray, who’s worked in the crypto space for two years.
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