Scallop Is the Latest International Crypto Firm to Crack the US Regulatory Code

Key Points

1. Scallop has secured an MSB license in the U.S., allowing it to offer regulated crypto-fiat banking services, including credit access, real-time crypto on-ramp/off-ramp, and staking rewards via its utility token $EMYC.

2. The company provides a developer SDK for fintech and Web3 platforms to integrate Scallop's regulated finance and compliance infrastructure into their products.

3. Scallop, launched in 2021, positions itself as a compliance-first, DeFi-integrated banking platform competing with entities like Revolut, Monzo, and Binance.

4. Previously, Scallop obtained an MSB license in Canada (2022) and operates a regulated DeFi-banking ecosystem across over 160 jurisdictions, including the EU.

5. In 2024, Scallop expanded its focus on real-world asset (RWA) tokenization, BankFi protocols, and compliance-first DeFi infrastructure, including on-chain IBANs and fiat-pegged assets.