Key Takeaways
- The plan aligns with Crypto.com’s strategy to strengthen its compliance framework and bring its U.S. operations under a unified regulatory umbrella.
- A National Trust Bank Charter issued by the OCC permits a company to act as a limited-purpose trust bank.
Leading Singapore-based crypto exchange Crypto.com has filed an application for a U.S. National Trust Bank Charter with the Office of the Comptroller of the Currency (OCC), aiming to expand its custody and staking services under federal supervision. The move positions the exchange to offer regulated digital asset services nationwide without requiring separate state-level approvals.
The company said the charter would allow it to provide federally regulated custody services for digital asset treasuries, exchange-traded funds (ETFs), and other institutional and corporate clients. The plan aligns with Crypto.com’s strategy to strengthen its compliance framework and bring its U.S. operations under a unified regulatory umbrella.
A National Trust Bank Charter issued by the OCC permits a company to act as a limited-purpose trust bank. Unlike commercial banks, these institutions do not accept deposits nor do they extend loans. Instead they focus on holding, managing, and safeguarding client assets. Trust banks primarily offer fiduciary and custodial services rather than deposit-taking or lending. This includes safeguarding assets like securities or digital assets.
Crypto.com already operates as a licensed trust in New Hampshire, and a federal charter would extend its reach across all U.S. jurisdictions. The company said the move supports its objective of scaling secure and regulated digital asset services across institutional markets.
In 2021, Anchorage Digital Bank became the first crypto-native institution to receive a U.S. National Trust Bank Charter. Stablecoin issuer Paxos obtained preliminary conditional approval for a similar charter later that year.
