Morgan Stanley Expands Crypto Services with New Bank Charter Application

Morgan Stanley has made a significant move into the world of cryptocurrencies by applying for a de novo national trust bank charter. This new charter will allow the bank to hold digital assets on behalf of its clients, marking an expansion of its crypto services.

The application was filed with the Office of the Comptroller of the Currency (OCC) under the name 'Morgan Stanley Digital Trust, National Association'. According to reports from Bloomberg and Forbes, the subsidiary will provide custody services for digital assets and execute transactions such as purchases, sales, swaps, and transfers.

The de novo national trust charter authorizes financial institutions to engage in fiduciary activities such as trust services, custody, and asset safekeeping. This is Morgan Stanley's first trust charter with a specific focus on crypto, following 14 other de novo bank charter applications this year.