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Special Purpose Depository Institutions HB 74 #14

Open tenfinney opened 3 years ago

tenfinney commented 3 years ago

Special Purpose Depository Institutions - HB 74

http://wyomingbankingdivision.wyo.gov/home/areas-of-regulation/laws-and-regulation/special-purpose-depository-institution

In 2019, the Wyoming Legislature enacted HB 74 which authorized the chartering of special purpose depository institutions (SPDIs). These institutions are banks that receive deposits and conduct other incidental activities, including fiduciary asset management, custody and related activities. It is likely that many SPDIs will focus heavily on digital assets, such as virtual currencies, digital securities and utility tokens. SPDIs may focus on traditional assets as well.

SPDIs may resemble custody banks in that these institutions will likely focus on fiduciary activities, safekeeping, asset management and servicing. The role of a custody bank is focused on storing assets, fiduciary management, conducting a variety of transactions with assets and providing an 'on/off' ramp to securities markets, commodities markets and customer bank accounts.

SPDIs also may serve as a vehicle for business cash management, operational accounts, and any other purpose permitted by HB 74. DOCUMENTS:

Charter Applications- Rules.pdf (28k) Dylan Smith, Sep 26, 2019, 12:18 PM v.1

Digital Asset Custody Rules.pdf (93k) Dylan Smith, Jun 2, 2020, 6:26 AM v.1

Digital Asset Statutes (UCC & Custody).PDF (5248k) Dylan Smith, Jun 2, 2020, 6:26 AM v.1

Procedure for Application Hearings- Rules.pdf (9k) Dylan Smith, Sep 26, 2019, 12:19 PM v.1

SPDI Administrative Rules (6-20).pdf (116k) Dylan Smith, Jun 17, 2020, 8:30 AM v.1

SPDI Application Process Overview (05-20).pdf (113k) Dylan Smith, Jun 2, 2020, 8:46 AM v.1

SPDI Bank Charter Application (06-20).docx (102k) Dylan Smith, Jun 19, 2020, 1:41 PM v.1

SPDI Biographical & Financial Report (06-20).docx (125k) Dylan Smith, Jun 17, 2020, 8:30 AM v.1

SPDI Capital Requirement Guidance (05-20).pdf (90k) Dylan Smith, Jun 2, 2020, 8:46 AM v.1

SPDI Statutes.pdf (1490k) Dylan Smith, Jun 2, 2020, 6:27 AM v.1

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drllau commented 3 years ago

As no SPDI yet an approximation would be custodian trustees responsible for backend settlement. Some comparables might be man in middle attacks between front-back office not necessarily internal collusion

Xref that VC case where the crackers mimicked the email domains altering wiring destination of funds