Crypto.com Gains Conditional OCC Approval to Launch National Trust Bank
Crypto.com has secured conditional authorization from the U.S. Office of the Comptroller of the Currency (OCC) to establish Foris Dax National Trust Bank, operating under the trade name Crypto.com National Trust Bank. The milestone moves the platform closer to becoming a fully regulated qualified custodian in the United States.
What the approval means
The OCC’s conditional endorsement permits Crypto.com to set up a federally chartered trust bank that will eventually offer custodial storage, staking services, and trade‑settlement functionality under the OCC’s supervisory framework. Full approval will hinge on Crypto.com meeting the OCC’s remaining compliance and operational requirements, after which the bank would be subject to the same rigorous oversight applied to traditional national banks.
A broader push toward regulation
Crypto.com’s step reflects an accelerating trend among cryptocurrency firms to seek formal regulatory status in order to solidify trust with institutional clients. Recent examples include:
| Firm | Recent regulatory move |
|---|---|
| Anchorage Digital | Launched a regulated “Stablecoin Solutions” platform aimed at institutional users. |
| CME Group | Prepared to roll out 24/7 cryptocurrency futures contracts under a regulated structure. |
These initiatives signal a shift from the “wild west” image of digital assets toward a more conventional, compliance‑driven financial services model.
Market backdrop
According to research firm Grand View Research, the global digital‑asset custody market is projected to surpass $4 trillion by 2033, expanding at a compound annual growth rate of roughly 23.6 % from 2025 onward. The surge is driven by growing institutional demand for secure, regulated storage solutions and by the expanding tokenization of assets.
Crypto.com’s positioning
Headquartered in Singapore, Crypto.com offers a suite of services that includes crypto trading, payment processing, and a range of financial products. The platform claims a user base exceeding 150 million worldwide, making it one of the largest retail crypto ecosystems. By securing a national trust bank charter, the company aims to provide a “one‑stop‑shop” for institutional clients that need custodial, staking, and settlement capabilities under a single, federally overseen entity.
In a statement, Crypto.com’s chief executive, Kris Marszalek, highlighted the regulatory achievement as evidence of the firm’s commitment to compliance and to delivering “trusted and secure services.” He added that the development brings Crypto.com a step closer to meeting the needs of leading institutions seeking a qualified custodian backed by the “gold standard” of U.S. bank supervision.
Analysis
Credibility boost. A national trust bank charter could significantly enhance Crypto.com’s reputation among banks, asset managers, and other institutional players that have historically been reticent to engage with unregulated crypto firms.
Competitive pressure. Existing qualified custodians such as Fidelity Digital Assets, Gemini Trust Company, and Anchorage will now face a new, well‑capitalized competitor that can leverage Crypto.com’s large retail client base and its broad product ecosystem.
Regulatory hurdles remain. Conditional approval is not a guarantee of final licensing. The OCC will likely scrutinize the bank’s risk‑management framework, anti‑money‑laundering controls, and capital adequacy before granting full authority. Any delays or additional requirements could affect Crypto.com’s rollout timeline.
Potential for product expansion. Once fully authorized, the bank could broaden its offerings to include crypto‑linked loans, interest‑bearing accounts, or integrated settlement services for the platform’s exchange, further blurring the line between traditional banking and digital‑asset services.
Key takeaways
- Conditional OCC approval positions Crypto.com to become a federally chartered qualified custodian pending final compliance checks.
- Regulatory credibility is increasingly pivotal as institutional demand for secure crypto custody rises.
- Industry momentum is evident, with other major players staking claims in the regulated space (Anchorage, CME).
- Market size: The global digital‑asset custody market is expected to exceed $4 trillion by 2033, indicating ample growth opportunities.
- Challenges: Crypto.com must satisfy OCC’s remaining criteria; any setbacks could delay full operations and affect its competitive edge.
The article was compiled with the assistance of AI‑driven workflows.
Source: https://thedefiant.io/news/cefi/crypto-com-secures-conditional-approval-for-national-trust-bank-charter
