Crypto.com Takes a Step That Few Crypto Firms Have Achieved

In Brief

• Crypto.com received conditional OCC approval for a U.S. national trust bank charter.
• The proposed entity would provide regulated digital asset custody and settlement services.
• Full approval would place Crypto.com under direct federal banking oversight.

Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, marking one of the most significant regulatory milestones in the company’s U.S. expansion strategy. The proposed entity, Foris DAX National Trust Bank, will operate as Crypto.com National Trust Bank once fully approved.

The charter would place the institution under direct OCC oversight and allow it to provide regulated digital asset custody and settlement services nationwide.

What the OCC Conditional Approval Actually Means

The Office of the Comptroller of the Currency grants national trust bank charters to entities that meet federal regulatory standards for capital, compliance, and operational risk management. Conditional approval does not represent final authorization but allows the applicant to move forward toward full operational status upon satisfying specific supervisory requirements.

In Crypto.com’s case, the national trust bank would focus on digital asset custody, including safeguarding cryptocurrencies on behalf of institutional clients. The entity is also expected to support staking services across multiple blockchains, including Cronos, and offer trade settlement capabilities as a qualified custodian.

Furthermore, a national trust charter enables an institution to operate under a single federal framework instead of navigating separate state-by-state licensing regimes. This structure is often viewed as a strategic advantage for firms seeking nationwide institutional services while remaining within established U.S. banking oversight.

Kris Marszalek, Co-Founder and CEO of Crypto.com, talked about the announcement:

“This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com. This milestone brings us a major step closer to meeting leading institutions’ needs for a one-stop-shop qualified custodian under a gold standard of federal oversight.”

This Could Shift Crypto.com’s U.S. Positioning

Assuming its approved, the charter would significantly elevate Crypto.com’s regulatory profile in the United States. Indeed, it would operate as a federally regulated trust bank. Potentially, it could enhance credibility among institutional clients that require qualified custodians and formal compliance structures for digital asset exposure.

Additionally, the development aligns with broader industry trends. Major crypto firms pursue bank charters or trust structures to integrate more deeply into the traditional financial system. As a result, federal oversight may reduce counterparty concerns and expand access to institutional capital.

While conditional approval still requires the company to meet final supervisory conditions, the milestone signals regulatory progress at a time when clearer frameworks are increasingly shaping digital asset market structure in the United States.