Crypto.com Seeks OCC National Trust Bank Charter for Institutional Services
- Crypto.com has applied for a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC).
- The charter aims to enhance federally supervised crypto-custody services targeting institutional clients, such as ETF sponsors and corporate advisers.
- A national trust bank can provide custody and fiduciary services but does not accept FDIC-insured deposits or make traditional loans.
- This application follows similar filings by other firms like Coinbase and Circle, indicating a trend towards federal oversight in crypto custody.
- Crypto.com’s current operations through its New Hampshire-chartered trust company remain unaffected by this application.
The OCC’s framework allows for limited-purpose banks focusing on trust activities, which could streamline custody services for large institutions under one regulatory structure.
If approved, this charter would support Crypto.com’s efforts to enhance its institutional services without becoming a deposit-taking bank. (Source)
