Crypto.com has submitted an application for a US National Trust Bank Charter, marking a strategic move to obtain federal approval to broaden its custody and staking services across the United States. If granted, this charter will empower the Singapore-based crypto exchange to offer federally regulated custody solutions for digital asset treasuries, exchange-traded funds (ETFs), and various institutional and corporate clients under the regulatory oversight of the Office of the Comptroller of the Currency (OCC). A National Trust Bank Charter authorizes a company to operate as a limited-purpose trust bank, focusing on asset management and safeguarding rather than deposit-taking or lending. Presently, Crypto.com holds a trust license in New Hampshire. This step aligns Crypto.com with other industry leaders like Anchorage Digital Bank and Paxos, who have pursued similar charters to enhance their service offerings with federal regulatory clarity. Coinbase recently filed for the same charter, emphasizing the benefits of regulatory confidence in launching new products. For more details, visit 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.