Crypto.com Secures OCC Crypto Trust Charter Approval for US Expansion

Crypto.com is officially entering the big leagues of federal banking with the latest conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Foris Dax National Trust Bank. Once final authorization is granted, Crypto.com will become a one-stop shop for institutional-grade custody, staking, and settlement services.

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How OCC Crypto Trust Charter Approvals Reshape National Trust Bank Growth

Recently, there has been a wave of OCC (Office of the Comptroller of the Currency) conditional approvals for National Trust Bank charters. Bridge, Ripple, Paxos, BitGo and Fidelity Digital Assets all join Crypto.com in the race to transform the US banking sector. Previously, crypto firms had to secure individual Money Transmitter Licenses (MTLs) and state trust charters in every jurisdiction. However, firms can now launch products nationwide under a single set of OCC rules.

There is also a growing demand from investors seeking qualified custodians, and crypto companies are heeding the call by securing OCC approval to position themselves as trusted infrastructure providers. In four years, the market is expected to grow into a $43.66 billion market from the current $32.7 billion.

Kris Marszalek, CEO of Crypto.com., in a statement said:

“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.”

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And while this growth may be unprecedented, it is not without some pushback. Traditional banks have argued that these charters create a two-tier system where crypto firms gain the prestige of a national bank without the burden of meeting traditional capital and liquidity standards required of full-service banks. While these institutions cannot take traditional deposits or make commercial loans, unlike full-service banks, they are reshaping what it means to be a National Trust Bank.

Crypto.com’s Conditional Approval Signals Market Direction

Crypto.com is leveraging its compliance record to capture the soon-to-be trillion-dollar institutional market.

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As the lines between traditional finance and digital assets continue to blur, Crypto.com’s transition and other like-minded firms into a national trust bank signal that there’s a future in digital holdings.