Crypto.com Advances Toward Federal Bank Charter

Crypto.com has received conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank in the United States. This move places the digital asset company on a path to direct federal oversight.

This development matters because it concerns custody services, staking, and trade settlement for crypto within a clearer national legal framework.

Key Takeaways:

• Crypto.com received conditional approval for a national trust bank charter.
• The new entity will focus on digital asset custody and will not accept deposits or make loans.
• The move reinforces integration between crypto and the U.S. financial system.

Meaning of the National Charter for Crypto.com

Crypto.com obtained approval from the Office of the Comptroller of the Currency to form Foris Dax National Trust Bank. Once final approval is granted, the entity will operate as Crypto.com National Trust Bank.

As a limited purpose national trust bank, it will not accept cash deposits or issue loans. Its focus will be institutional custody, staking, and digital asset trade settlement.

Because approval is conditional, Crypto.com must meet capital, governance, risk management, and internal policy requirements before full operations begin. If final approval is granted, the company will be subject to direct federal supervision.

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Impact on the US Crypto Industry

This step aligns with other firms such as Circle Internet Group, Paxos, BitGo, and Fidelity Digital Assets that are pursuing similar regulatory structures.

For institutional investors, a national charter provides clearer legal certainty and compliance standards, which can boost confidence in digital asset custody services.

On the other hand, federal oversight brings stricter reporting and risk management obligations. Over time, this trend may encourage greater professionalization across the U.S. crypto sector.

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Integration with the Financial System

Founded in 2016, Crypto.com has grown into a trading platform listing hundreds of digital assets. Seeking a national charter signals a strategy to deepen integration with traditional finance.

A national trust bank structure can ease partnerships with financial institutions and expand access to custody services under federal regulation. For the market, it highlights the narrowing gap between crypto and mainstream finance.

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Conclusion

Conditional approval for Crypto.com signals a notable shift in U.S. crypto regulation. A national trust bank charter could increase legal clarity and institutional trust in digital asset custody services.

Although not yet final, the move shows that crypto integration with traditional finance is becoming more tangible under federal supervision.

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FAQ

What is a national trust bank?

A federally licensed institution that provides custody and asset management services without accepting deposits or issuing loans.

Is Crypto.com officially a bank?

Not yet. The company currently holds conditional approval and is awaiting final authorization.

Why is a national charter important?

It provides regulatory certainty and federal oversight for digital asset services.

Can this entity accept deposits?

No. Its focus is limited to custody and transaction settlement services.

What is the impact on the crypto industry?

It encourages integration with traditional finance and clarifies regulatory standards for the sector.