Crypto.com has taken a significant step toward solidifying its presence in the United States by applying for a US National Trust Bank Charter. This federal license, issued 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 country. Unlike traditional banks, a National Trust Bank specializes in holding, managing, and safeguarding assets, rather than taking deposits or issuing loans.
Currently licensed as a trust in New Hampshire, Crypto.com’s pursuit of this charter signals its ambition to serve institutional and corporate clients with enhanced custody solutions. The move aligns Crypto.com with other industry leaders such as Anchorage Digital Bank and Paxos, who have similarly sought federal charters to expand their regulated operations.
With growing interest from major players including Coinbase and BitGo in securing regulatory clarity through federal trust bank charters, Crypto.com’s application underscores an industry-wide push for a stronger, more compliant footing within the US financial system. This development could pave the way for new product offerings and greater confidence among digital asset investors and institutions.
Read more at: 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