Crypto.com Seeks Federal Oversight with National Trust Bank Plans

Crypto.com has taken a significant step forward in its expansion plans with conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The planned Foris Dax National Trust Bank will operate as a limited-purpose national trust bank, offering services such as custody, staking, and trade settlement for digital assets.

The OCC charter is significant because it allows Crypto.com to consolidate its custody services under a single framework with federal oversight. This is particularly important for issuers of exchange-traded funds (ETFs), asset managers, and other institutional clients who often prefer custodians with national oversight.

Crypto.com filed its application with the OCC in October, and while conditional approval is not final, it marks a significant step forward in the company's plans to expand its custody services. The new bank will operate separately from Crypto.com's existing qualified custodian, Crypto.com Custody Trust Co., which is regulated by New Hampshire's banking department.

Conditional approvals for national trust banks are not uncommon in the crypto industry, with several firms seeking to build within a federal framework. In fact, last week, Striple's stablecoin firm Bridge won initial approval to form a national trust bank as well.