Crypto.com has taken a significant step toward expanding its operations by applying for a US National Trust Bank Charter. If granted, this federally regulated charter, overseen by the Office of the Comptroller of the Currency (OCC), would enable the crypto exchange to offer custody and trust services on a nationwide scale. Currently licensed as a trust in New Hampshire, Crypto.com aims to extend these services to manage digital asset treasuries, exchange-traded funds (ETFs), and institutional and corporate client assets under federal supervision.
A US National Trust Bank Charter allows a company to operate as a limited-purpose trust bank, focusing on asset management and safeguarding rather than traditional banking activities like deposits or loans. Crypto.com joins other major players seeking such charters to gain regulatory clarity and broaden their product offerings. This trend follows similar moves by companies like Coinbase, Anchorage Digital Bank, and stablecoin issuer Paxos.
By securing federal approval, Crypto.com could significantly enhance trust and security in its custody and staking services, positioning itself at the forefront of compliant crypto financial solutions in the United States.
For more details, read the full article here: https://cointelegraph.com/news/crypto-com-federal-us-trust-bank-charter-application