TLDR
- Crypto.com received conditional OCC approval for a national trust bank charter.
- The approval allows custody and staking under a federal framework.
- The OCC has eased prior limits on banks engaging in crypto activities.
- Several crypto firms have recently sought national trust bank status.
Crypto.com has secured conditional approval from the Office of the Comptroller of the Currency as it seeks to become a federally regulated bank. The approval marks a step in its bid to obtain a national trust bank charter in the United States.
The exchange said the conditional approval allows it to offer digital asset custody and staking services under a federal framework. The move places Crypto.com among several digital asset firms pursuing federal oversight.
Conditional Approval From the OCC
The Office of the Comptroller of the Currency granted Crypto.com conditional approval to pursue a national trust bank license. A national trust bank operates under federal supervision rather than state regulators.
Crypto.com said the approval supports its plan to provide custody and staking services within a regulated structure. These services would be subject to federal banking standards and oversight.
Kris Marszalek, co-founder and CEO of Crypto.com, addressed the development in a statement. He said, “This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com.”
He added, “This milestone brings us a major step closer to meeting leading institutions’ needs for a one-stop-shop qualified custodian under a gold standard of federal oversight.”
Path Toward a Federal Bank Charter
A national trust bank charter would allow Crypto.com to safeguard client assets under a single federal regulator. This structure replaces the need to comply with multiple state licensing regimes.
The conditional approval does not grant a full bank charter. The company must meet specific requirements set by the OCC before final approval is issued.
Other digital asset firms have taken similar steps. Bridge received conditional approval last week. Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos have also pursued national trust bank status.
These applications reflect growing interest in federal charters within the crypto sector. Firms have cited regulatory clarity and unified supervision as reasons for seeking OCC oversight.
Federal Oversight and Crypto Services
The OCC has clarified its stance on crypto activities over the past year. It stated that U.S. banks may buy and sell crypto assets on behalf of customers.
The regulator also rescinded earlier guidance that had required banks to seek additional approvals before engaging in certain crypto activities. The agency said it aimed to reduce regulatory burden for banks operating in this area.
A national trust bank charter authorizes firms to custody and safeguard client assets. It does not allow them to accept deposits in the same manner as traditional commercial banks.
Crypto.com’s approval comes during a period of policy adjustments affecting digital assets. The current administration has been viewed as more supportive of the crypto industry.
Expanding Institutional Services
Crypto.com has stated that federal oversight would support its institutional strategy. The company aims to provide custody and staking services under established banking standards.
Institutional investors often require qualified custodians subject to federal supervision. A national trust bank charter can help meet those requirements.
The company has not announced a timeline for final approval. It must satisfy all OCC conditions before it can operate as a federally chartered trust bank.
Crypto.com’s conditional approval adds to the list of crypto firms seeking federal bank status. The development reflects ongoing efforts to integrate digital asset services within the U.S. banking framework.
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