Crypto.com Receives Conditional Approval for National Trust Bank
- Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank.
- The planned Foris Dax National Trust Bank will offer custody, staking, and trade settlement for digital assets.
- This bank will not accept deposits or issue loans, focusing solely on trust services.
- Crypto.com aims to streamline compliance for institutional clients such as asset managers and ETF issuers with this federal oversight.
- Conditional approval follows similar approvals granted to firms like BitGo and Circle in December.
The establishment of Crypto.com National Trust Bank marks a significant milestone in expanding regulated custody services for digital assets under federal oversight, catering to institutional needs.
With this conditional approval, Crypto.com is positioned to enhance its offerings in the crypto space by providing a federally regulated framework for its services.(Source)
