Crypto.com has taken a significant step toward solidifying its presence in the U.S. financial landscape by applying for a National Trust Bank Charter. This federal license, granted by the Office of the Comptroller of the Currency (OCC), would empower the Singapore-based crypto exchange to offer federally regulated custody and trust services across the United States. Unlike traditional banks that focus on deposit-taking or lending, a trust bank specializes in safeguarding and managing assets, which aligns with Crypto.com’s objective to provide secure custody services for digital asset treasuries, exchange-traded funds (ETFs), and institutional clients.
Currently licensed as a trust in New Hampshire, Crypto.com joins a growing number of crypto companies pursuing federal bank charters to enhance regulatory clarity and expand their service offerings. Notable industry players such as Anchorage Digital Bank, Paxos, and Coinbase have either obtained or applied for similar charters, highlighting an industry-wide trend toward federally regulated crypto financial services. If approved, Crypto.com’s charter would mark a pivotal development in the company’s expansion strategy by enabling it to operate under the robust oversight of the OCC, thereby boosting confidence among institutional and corporate clients.
For more details, read the full article on Cointelegraph: https://cointelegraph.com/news/crypto-com-federal-us-trust-bank-charter-application
Source: https://cointelegraph.com/news/crypto-com-federal-us-trust-bank-charter-application