The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approval to Crypto.com for the establishment of Foris Dax National Trust Bank, which will operate as Crypto.com National Trust Bank. This pivotal announcement marks a significant step for the company as it aims to offer federally regulated services related to the cryptocurrency industry.
While the approval is not yet final, it paves the way for Crypto.com to provide various services under OCC supervision, including custody, staking across multiple blockchains, and trade settlement. These efforts signify the company’s strategic initiative to enhance its service offerings for institutional clients, which include digital asset treasuries, exchange-traded funds, and other major financial holdings.
Crypto.com first submitted its application for the charter in October 2025. The conditional approval allows the company to operate as a limited-purpose national trust institution rather than a full commercial bank. The scope of services will include custody and staking of digital assets on various protocols, such as Cronos, along with trade settlement services focused on institutional clients. However, the approval is contingent upon Crypto.com meeting additional OCC requirements regarding capital, governance, and compliance before it can commence operations.
Meanwhile, Crypto.com’s existing New Hampshire-regulated entity, Crypto.com Custody Trust Company, will continue its operations as a qualified custodian under prevailing state oversight, unaffected by this new development.
This conditional approval for Crypto.com is part of a broader trend as a number of other cryptocurrency firms have also recently received similar authorizations from the OCC. Notable companies like Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos have secured conditional approvals in late 2025. In addition, prominent exchanges like Coinbase and World Liberty Financial have put forth applications for their own charters.
This regulatory wave follows OCC’s affirmation in May 2025 that banks can hold cryptocurrencies on behalf of customers and the subsequent signing of the GENIUS Act in July 2025, aimed at regulating stablecoin issuance. Despite this progress, concerns have surfaced within the American Bankers Association, which has urged the OCC to stall further approvals until the GENIUS Act framework is fully realized. They emphasize the necessity for standards to be robust and broadly applicable.
For asset managers and ETF issuers who seek federally regulated custodial options, a chartered trust bank from the OCC offers a more substantial institutional presence compared to state-level licenses. This regulatory status provides firms that successfully navigate the process with a competitive edge in attracting institutional mandates, further solidifying the credibility of the rapidly evolving cryptocurrency market.
