Crypto.com Receives Conditional Approval from OCC to Establish National Trust Bank, Moving Toward Federal Regulated Qualified Custodian, Strengthening Institutional Digital Asset Infrastructure.
Federal Regulatory Progress: Crypto.com Approved to Establish National Trust Bank
Digital asset platform Crypto.com announced yesterday (2/23) that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish an entity called Foris Dax National Trust Bank, which will operate nationwide under the name Crypto.com National Trust Bank. This milestone signifies a strategic achievement for the Singapore-based crypto giant within U.S. regulation, marking its path toward becoming a federally regulated "Qualified Custodian."
Image source: X/@cryptocom Crypto.com announced it has received conditional approval from the OCC to establish Foris Dax National Trust Bank
The new entity is designated as a "Limited Purpose National Trust Bank," with functions distinct from traditional commercial banks. It will focus on digital asset services, not accepting public deposits or engaging in traditional lending. According to official statements, once fully authorized, the bank will provide core services such as digital asset custody, cross-chain staking, and transaction settlement under federal supervision.
Crypto.com CEO Kris Marszalek stated that this approval demonstrates the company's commitment to compliance, aiming to offer a one-stop service for institutional clients that meets federal "gold standard" oversight.
Conditional approval represents a phased regulatory victory, not granting immediate operational rights. Under OCC procedures, Crypto.com must meet a series of strict preparatory requirements before launching, including adequate capitalization, establishing a federally compliant governance structure, implementing risk management systems, and developing detailed internal policies. The company submitted its charter application as early as October 2025, and this approval reflects high regulatory recognition of its compliance progress.
It is noteworthy that this plan runs concurrently with existing operations; Crypto.com’s current custody services will continue through Crypto.com Custody Trust Company, regulated by the New Hampshire Banking Department, until the federal entity is fully operational. Once final approval is granted, the national trust bank will provide institutional investors with an integrated federal regulatory framework, further solidifying its credibility in the U.S. digital finance market.
Targeting Institutional Custody Opportunities: Federal Framework Accelerates Digital Finance Transformation
As the digital asset market continues to grow, large asset managers, hedge funds, and corporations increasingly demand regulated custodians. The value of a national trust charter lies in its ability to offer a higher level of federal oversight compared to single-state licenses. Such entities can act as fiduciaries to protect client assets and provide bank-grade compliant settlement infrastructure, attracting institutional investors restricted by regulatory limitations from using less regulated platforms.
Crypto.com’s planned bank will enhance digital asset security and liquidity management, supporting assets within its Cronos blockchain ecosystem. With this federal license, the bank will meet institutional demands for security and transparency while bridging operational gaps between traditional finance and blockchain technology, injecting more professional capital into the crypto market.
For ETF issuers and asset managers pushing for mainstream adoption, a unified federal oversight framework can significantly reduce compliance costs. Under current U.S. law, institutions holding a national trust charter are often exempt from many state-level money transmission licenses, allowing them to focus resources on service quality and technological innovation, avoiding complex interstate regulations. This development indicates a shift from fragmented state-level regulation toward a unified federal standard in the digital asset industry.
With rising demand for tokenized assets and institutional staking products, custody services are seen as one of the most stable revenue streams in the crypto market. Crypto innovators are actively seeking higher-level credit backing to secure a more resilient position within traditional finance.
Global Regulatory Environment Turns Friendly: Crypto Firms Engage with Federal System
Crypto.com’s successful application is part of a broader trend of the crypto industry engaging with federal regulation. Recently, U.S. regulators have shown a notable shift. In 2025, OCC confirmed that federally chartered financial institutions could conduct crypto asset transactions on behalf of clients, gradually withdrawing previous guidance seen as overly restrictive.
As a result, several prominent companies—including Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos—have received similar conditional approvals. Recently, Stripe’s stablecoin technology provider Bridge also obtained preliminary approval to establish a national trust bank. This trend indicates that industry leaders are moving beyond retail-focused competition, leveraging banking charters to connect directly with mainstream financial infrastructure.
Further Reading
U.S. Greenlights! Banks Can Offer Crypto Services, Crypto Firms Applying for Banking Licenses—Ripple and Five Others Approved!
Obtained U.S. National Trust Bank License, Digital Assets Enter Federal Financial System
Resistance from Traditional Finance and Long-term Market Evolution
Despite ongoing regulatory wins for crypto firms, resistance from traditional banking remains significant. The American Bankers Association (ABA) recently wrote to the OCC, urging a slowdown in the review of digital asset-related bank charters and advocating for waiting until the implementation of the GENIUS Act framework signed in July 2025.
Banking associations argue that applications require more robust and broadly applicable safety standards, calling on regulators not to be constrained by past administrative timelines, and to ensure that each new license does not threaten financial stability.
This competitive dynamic extends to license applications and debates over the distribution of stablecoin yields under the CLARITY Act.
Even with challenges from traditional finance, if Crypto.com secures final operational approval as planned, it will significantly enhance its position in the institutional infrastructure race. The focus has shifted from mere transaction volume growth to compliance depth and custody security. The total circulation of stablecoins worldwide has approached $309 billion, indicating a high level of mainstream integration of digital assets. Establishing an OCC-supervised national trust bank will enable Crypto.com to offer more authoritative asset settlement solutions.
While this progress currently has limited impact on retail user experience, it marks a critical step in formally integrating digital assets into the federal regulatory hierarchy and paves the way for full convergence of crypto and traditional finance.
