Crypto.com announced on Monday that it has received conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter, paving the way for the digital asset company to become a government-regulated depository. This approval comes as the United States takes a much more favorable stance on cryptocurrencies under the presidency of Donald Trump, with regulators rolling back previous restrictions and enforcement measures.
The charter would allow Crypto.com to manage and hold client assets, and to process transaction settlements within a federally regulated framework, but would not allow cash deposits or loan granting. The company stated that once fully approved, it would operate as a federally regulated national trust bank under the oversight of the OCC.
Analysts have noted that a national trust bank charter is essential for crypto-native companies to attract institutional clients and integrate more deeply into the traditional financial system.
Established in 2016, Crypto.com is a popular digital asset exchange, listing over 400 tokens on its platform.
