Crypto.com has announced that it received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to create a national trust bank. This development positions the exchange to broaden its custody services under federal supervision.
The proposed entity, named Foris Dax National Trust Bank, will operate as a limited-purpose national trust bank, focusing on providing services such as custody, staking, and trade settlement for digital assets. Notably, it will not accept deposits or issue loans, which differentiates it from traditional banking institutions. The bank will also support assets on its proprietary Cronos blockchain.
Currently, Crypto.com operates a qualified custodian, known as Crypto.com Custody Trust Co., regulated by the banking department of New Hampshire. However, obtaining the OCC charter consolidates its institutional offerings within a unified federal framework, making it more appealing to institutional clients, including asset managers and issuers of exchange-traded funds (ETFs).
This national charter serves as a one-stop-shop for trust services, although it does not extend to conventional banking operations. The application for this charter was submitted to the OCC in October. While the approval is conditional and not yet finalized, it represents a significant advancement for Crypto.com.
Recently, Bridge, a stablecoin firm by Striple, also received initial approval to establish a national trust bank. These approvals highlight a growing trend of cryptocurrency firms seeking to operate within a federal regulatory framework. In December, several notable firms, including BitGo, Circle, Ripple, Paxos, and Fidelity Digital Assets, received similar conditional approvals.
