Crypto.com has announced its application for a US National Trust Bank Charter, aiming to become federally regulated in offering custody and trust services across the United States. This federal license, issued by the Office of the Comptroller of the Currency (OCC), would allow Crypto.com to provide secure custody for digital asset treasuries, exchange-traded funds (ETFs), and institutional clients under a trusted banking framework. Unlike traditional banks, a National Trust Bank operates by holding and safeguarding assets without engaging in deposit-taking or lending activities.
Currently licensed as a trust bank in New Hampshire, Crypto.com’s move aligns it with other crypto firms seeking federal charters, such as Anchorage Digital Bank and Paxos. This effort reflects the ongoing trend within the crypto industry to achieve clearer regulatory standing and enhance institutional trust. Coinbase has also applied for a similar charter, noting the benefits of increased regulatory clarity despite no plans to become a bank.
By pursuing this federal charter, Crypto.com aims to strengthen its custody and staking services nationwide, providing enhanced security and regulatory confidence to its clients.
Read more: https://cointelegraph.com/news/crypto-com-federal-us-trust-bank-charter-application