Special Purpose Depository Institutions

                                   Special Purpose Depository Institutions


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.

 

Excluding incidental activities like fiduciary services, asset management and custody, SPDIs are prohibited from making loans with customer deposits of fiat currency and therefore are not required to obtain insurance from the Federal Deposit Insurance Corporation--though they may do so.

 

The Division will begin accepting SPDI applications on October 1, 2019. Application materials and background information may be found below.


Rules governing the SPDI may be found below. Rules relating to digital asset custody can be found here.

 

If you are considering applying for a SPDI charter, please contact the Division at (307) 777-7797 or at wyomingbankingdivision@wyo.gov.

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Dylan Smith,
Sep 26, 2019, 12:18 PM
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Dylan Smith,
Sep 26, 2019, 12:18 PM
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Dylan Smith,
Sep 26, 2019, 12:19 PM
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Dylan Smith,
Oct 1, 2019, 7:03 AM
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Dylan Smith,
Sep 26, 2019, 9:12 AM
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Dylan Smith,
Oct 11, 2019, 6:46 AM
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Dylan Smith,
Oct 11, 2019, 6:38 AM
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Dylan Smith,
Oct 1, 2019, 3:17 PM
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Dylan Smith,
Sep 26, 2019, 12:19 PM
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Dylan Smith,
Sep 26, 2019, 12:20 PM