# kaal:claim:3936876-026

**Claim.** State chartered special purpose depository institutions remove some of the legal hurdles that burden technological advances, notably the reluctance of the existing banking sector to tailor AML and BSA compliance processes to the global and censorship resistant nature of cryptocurrencies.

**Type.** mechanism  **Support.** asserted

**Holds when.**

- state chartered SPDIs such as those in Wyoming

**Source quote.**

> State chartered SDPIs eliminate some of the legal hurdles that burdens technological advances - such as the reluctance of the existing banking sector to change / tailor AML / BSA compliance processes in order to accommodate the global & censorship resistant nature of cryptocurrencies.

**From.** Wulf A. Kaal, Hayley Howe, *Custody of Digital Assets* (2021), III.1 Depository Institution Requirements, page 22

**Cite as.** Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876

**Verify.** sha256 of source PDF `9bc0903d01910460298e754c451f027df4324367359800a98ee8e638d94aff55` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Howe%20-%202021%20-%20Custody%20of%20Digital%20Assets.pdf

**Topics.** compliance, innovation

**Keywords.** spdi, aml-bsa, compliance, regulatory-innovation

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