Crypto.com has announced that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, signaling a significant step toward becoming a federally regulated custodian. This development allows the digital assets firm to operate within a federally overseen framework, a move that comes as the U.S. regulatory environment shifts toward a more crypto-friendly approach.
Under the terms of the charter, Crypto.com will have the ability to manage and hold client assets and facilitate trade settlements within a regulated structure. However, it’s important to note that the charter will not allow the company to take cash deposits or issue loans.
The significance of this approval extends beyond mere operational capabilities; industry analysts emphasize that a national trust bank charter is crucial for crypto-focused firms aiming to attract institutional clients and enhance integration with traditional financial systems. This development is particularly noteworthy given the backdrop of a changing regulatory environment under President Donald Trump’s administration. The administration has rolled back previous restrictions and enforcement actions, creating a more favorable atmosphere for digital asset firms.
Founded in 2016, Crypto.com has grown to become a prominent player in the cryptocurrency space, offering a platform that lists over 400 different tokens. The company’s aspirations to operate as a federally regulated national trust bank could position it as a leader in bridging the gap between the rapidly evolving world of digital assets and the established financial system.
Once the conditional approval transitions to full approval, Crypto.com will be subject to ongoing oversight by the OCC, further solidifying its regulatory framework and operational transparency in the eyes of clients and investors alike.
