Coinbase Secures Conditional Approval for Trust Company

Coinbase has made significant strides in its efforts to bring its operations into full compliance with federal regulations. In a recent development, the company received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Coinbase National Trust Company.

The OCC charter will enable Coinbase to offer cryptoasset issuance and custody services, often for stablecoins, without relying on third parties. This move is part of a broader trend in which several crypto companies have applied for trust licenses and received conditional approval from the OCC.

Notably, Coinbase has already secured a trust company license in New York, issued to its subsidiary Coinbase Custody Trust Company in 2018. However, Coinbase National Trust Company will likely operate as a new legal entity.