Crypto.com Wins OCC Approval for National Trust Bank

Crypto.com has received conditional approval from the United States Office of the Comptroller of the Currency to establish a federally regulated national trust bank.

Key Takeaways

• Crypto.com secured conditional approval from the OCC to charter Foris Dax National Trust Bank, doing business as Crypto.com National Trust Bank.
• The planned entity will offer digital asset custody, staking, and trade settlement services under federal oversight.
• The charter strengthens Crypto.com’s position as a qualified custodian for institutional clients, including ETF issuers and asset managers.
• Final approval is still pending, but the move signals growing federal engagement with crypto firms.

What Happened?

Crypto.com announced that it has received conditional approval from the Office of the Comptroller of the Currency to establish Foris Dax National Trust Bank, which will operate as Crypto.com National Trust Bank once fully approved. The company first submitted its application to the OCC in October 2025.

The new entity would function as a limited purpose national trust bank. It would not accept deposits or issue loans, but would focus on digital asset services such as custody, staking, and trade settlement.

A Major Step Toward Federal Oversight

With this conditional approval, Crypto.com moves closer to operating under a single federal regulatory framework for its institutional custody services. Once fully approved, Crypto.com National Trust Bank will operate under direct OCC supervision.

The proposed bank will provide:

• Custody of digital assets
• Staking services across various blockchains and digital asset protocols, including Cronos
• Trade settlement services for digital assets

By securing a national trust charter, Crypto.com aims to consolidate its custodial offerings under federal oversight rather than relying solely on state level regulation.

Currently, Crypto.com operates Crypto.com Custody Trust Company, which is regulated by the New Hampshire Banking Department as a non depository trust company. The company clarified that the OCC’s conditional approval does not affect the continued operations of this entity.

Why This Matters for Institutions?

Institutional investors such as ETF issuers and asset managers often prefer working with custodians that operate under national oversight. A federal framework can streamline compliance, simplify operational processes, and provide a higher level of regulatory clarity.

The national trust charter offers what Crypto.com describes as a one stop shop qualified custodian structure for trust services. However, it will not function as a traditional bank. The institution will not accept customer deposits or provide lending services.

In a statement, Kris Marszalek, Co Founder and CEO of Crypto.com, said:

His remarks highlight the company’s strategy to position itself as a trusted infrastructure provider for large scale institutional participation in digital assets.

Part of a Broader Federal Trend

Crypto.com is not alone in pursuing a federal trust charter. In recent months, firms including Ripple, Circle, BitGo, Paxos, and Fidelity Digital Assets have received similar conditional approvals from the OCC. Last week, Stripe’s stablecoin firm Bridge also won initial approval to form a national trust bank.

These approvals reflect a broader shift as crypto firms seek to align more closely with federal regulators. The OCC has recently clarified that United States banks can engage in certain crypto related activities, reducing compliance burdens and creating a more defined pathway for digital asset services.

While conditional approval does not represent final authorization, it is a significant regulatory milestone. Final approval will depend on the company meeting all requirements set by the OCC.

CoinLaw’s Takeaway

In my experience covering crypto regulation, federal oversight changes the game. I believe this move gives Crypto.com a stronger footing with serious institutional players who care deeply about compliance and custody standards. A national trust charter is not just a badge of honor. It is a signal that the company is willing to operate under stricter scrutiny.

I found that institutions often hesitate when regulatory structures are unclear. By moving under OCC supervision, Crypto.com is addressing that hesitation directly. If final approval comes through, this could significantly strengthen its role as a trusted custodian in the United States market.

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