COINOTAG News, citing The Wall Street Journal, reports that crypto custody provider BitGo has secured conditional approval from the Office of the Comptroller of the Currency (OCC) to become a banking institution. This milestone signals progress toward a federally regulated framework for digital-asset custody.
Upon final clearance, BitGo will convert its South Dakota-registered trust company into a federally chartered national trust bank, enabling it to custody digital assets and select non-deposit financial assets while offering regulated cryptocurrency services nationwide, without requiring state-by-state approvals.
This development reflects a broader shift in crypto banking infrastructure and aligns with institutional demand for compliant custody and services across jurisdictions, potentially expanding BitGo’s client network as a federally chartered model gains regulatory credibility.
Source: https://en.coinotag.com/breakingnews/bitgo-secures-conditional-occ-approval-to-become-federally-chartered-national-trust-bank-for-digital-asset-custody
