Telcoin received approval for the Digital Asset Depository Bank Charter

This approval expected since the public hearing in December 2024 is a significant milestone in the integration of digital assets in the traditional banking frames.

business plan from Telcoin

The application of Telcoin for this charta was accompanied by an extensive business plan that had met on hundreds of pages with 29 attachments. Together with the detailed background of his directors and civil servants, this document not only showed the appropriateness, but also the plausibility of the proposed operations of Telcoin.

The plan articulates a vision in which Telcoin is output US dollar backstream, which it refers to as "digital cash" or EusD to facilitate their securing and seamless integration into mainstream finance systems using independent knot-checking networks.

The conditions for Telekin

The approval of the Digital Asset Depository Bank Charter was granted on the basis of the assurance that Telcoin will work safely and solidly.

In particular, the certificate of witnesses during the public hearing on December 5, 2024 and the thoroughness of the business plan was crucial for approval.

In order to work as a state -controlled digital asset in the United States, Telcoin should maintain the non -loaded liquid assets in US dollars, which corresponds to 100% of the outstanding stable coins IT expenses to ensure financial stability and consumer protection.

It must also comply with strict regulatory conditions, including the provision of a guarantee bond or a catering for assets worth 1 million US dollars and securing insurance for liability, liability, liability, the directors' omissions and IT infrastructure in the amount of

In addition, all US currencies received must be kept in Nebraska in Nebraska insured institutions to ensure the safety of customer deposits.

Another remarkable aspect of the Charter of Telcoin is the commitment and education in the community. The company was commissioned to maintain a public file that is accessible to everyone and has described its efforts to satisfy the community needs, including the financial competence programs for Nebraska students who focus on digital assets, budgeting, loans and more.

telcoin should also notify that digital asset deposits are not insured by the FDIC in addition to the warnings of the inherent risks of the holding of digital assets.

In addition, Telcoin must use its complete legal name "Telcoin Bank, a digital wealth bank" in all its official communication and branding to ensure clarity and recognition on the market. The Charter also stipulates that Telcoin pays a charter fee of $ 50,000 and the costs associated with the hearing of the approval.

In addition, all material changes in the state of Telcoin can lead to a change, suspension or deduction of the approval before the condition of telcoin.

With these conditions, Telcoin should begin the operations and have the legal authority to issue stablecoins and to use independent node checking networks for payment systems.

Approval is a precedent for how digital asset companies can work in regulatory framework, which may be the way for further innovations in the financial sector.